In February, closings of new homes in the Hanford, CA market rose year-over-year, rebounding from a year-over-year decline in January 2016. New home closings moved from 14 a year earlier to 19 after the figure moved from 15 in January 2015 to 7 in January 2016.
A total of 268 new homes were sold during the 12 months that ended in February, up from 263 for the year that ended in January.
New home closings were 19 of the 118 total closings, up on a percentage basis from 14 of 102 a year earlier. After dropping in January from a year earlier, closings of new and existing homes gained year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $289,226, up from $276,014 a year earlier. This came after a 14.5% hike in January year-over-year.
The average mortgage size on new homes was $284,585, up from $263,342. Average mortgage size went from $227,312 in January 2015 to $227,780 in January 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 February 2016.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 26.3% of existing home closings, down from 35.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.1% in February from 20.5% a year earlier and REO closings moved from 14.8% of existing home closings in February 2015 to 15.2% in February 2016.