In the Harrisburg, CA market in November, new home closings sank year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 62 a year earlier to 2 after the figure moved from 69 in October 2014 to 8 in October 2015.
A total of 232 new homes were sold during the 12 months that ended in November, down from 292 for the year that ended in October.
New home closings represented 2 out of the 577 total closings, which is a smaller percentage than the 62 of 565 total closings a year earlier. After dropping in October from a year earlier, closings of new and existing homes rose year-over-year in November.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $264,650, down from last year's $303,873. This followed a 16.6% decline in October from a year earlier.
The average mortgage size moved to $216,495, down from last year's $229,422. Average mortgage size on new homes went from $242,863 in October 2014 to $208,830 in October 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to rise in November from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings represented 27.8% of existing home closings, up from 13.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.3% in November from 4.0% a year earlier while REO closings as a percentage of existing home closings dropped to 8.5% from 9.5% a year earlier.