In September, the Harrisburg, CA market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the August 2015. New home closings moved from 53 a year earlier to 5 after the figure moved from 72 in August 2014 to 8 in August 2015.
A total of 351 new homes were sold during the 12 months that ended in September, down from 399 for the year that ended in August.
New home closings were 7.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 5 of the 735 total closings. Closings of new and existing homes jumped year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $237,716, down from $305,658 a year earlier. This was on the heels of a 1.7% decline in August from a year earlier.
Average mortgage size on new homes fell from $268,754 to $209,633. Average mortgage size on new homes went from $253,740 in August 2014 to $213,085 in August 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.
The average unit size of newly sold homes fell from 2,297 square feet a year earlier to 1,920 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 20.8% of existing home closings, up from 13.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.0% in September from 7.1% a year earlier while REO closings as a percentage of existing home closings climbed to 9.9% from 6.7%.