Closings of new homes in the Harrisburg, CA market fell year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 55 a year earlier to 12 after the figure moved from 49 in May 2015 to 17 in May 2016.
A total of 355 new homes were sold during the 12 months that ended in June, down from 398 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 1.3% from 6.3% a year earlier. Closings of new and existing homes climbed year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $259,464, down from last year's $271,348. This came after a 10.9% decline in May from a year earlier.
There was a decline in average mortgage size on new homes, going from $232,921 last year to $218,814 in June 2016. In May 2016, average mortgage size declined 9.1% from a year earlier.
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 2,271 square feet a year earlier to 2,031 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 13.1% of closings, below 16.3% a year earlier. The percentage of existing home closings involving foreclosures went from 7.5% in June 2015 to 8.5% in June 2016 and REO closings as a percentage of existing home closings sank to 4.6% from 8.7% a year earlier.