In April, there was a fall year-over-year in new home closings in the El Centro, CA market, but the decline was less than the year-over-year decline in March. New home closings moved from 14 a year earlier to 12 after the figure moved from 11 in March 2015 to 9 in March 2016.
A total of 132 new homes were sold during the 12 months that ended in April, down from 134 for the year that ended in March.
New home closings were 10.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 12 of the 149 total closings. After dropping in March from a year earlier, closings of new and existing homes gained year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $302,458, up from $297,250 a year earlier. This was on the heels of a move from $308,459 per unit in March 2015 to $305,622 in March 2016.
Average mortgage size on new homes rose from $278,144 to $285,106. Average mortgage size on new homes went from $285,159 in March 2015 to $306,946 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 22.6% of existing home closings, down from 24.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.8% in April from 11.0% a year earlier and REO closings moved from 13.6% of existing home closings in April 2015 to 13.9% in April 2016.