In July, there was a drop year-over-year in new home closings in the El Centro, CA market, and the decline was by a larger percentage than the June 2015. New home closings moved from 10 a year earlier to 6 after the figure moved from 24 in June 2014 to 15 in June 2015.
A total of 131 new homes were sold during the 12 months that ended in July, down from 135 for the year that ended in June.
Last year, 10 of 100 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 140 total closings. Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $268,083, an increase from $225,900 a year earlier. This was on the heels of a 1.6% decline in June from a year earlier.
Average mortgage size on new homes rose from $218,017 to $237,705. Average mortgage size slid 4.4% in June 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 17.9% of existing closings, lower than 30.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.2% in July from 14.4% a year earlier while REO closings as a percentage of existing home closings dropped to 9.7% from 15.6% a year earlier.