In September, there was a fall year-over-year in new home closings in the Harrisburg, CA market, 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.
Last year, 53 of 691 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 735 total closings. For new and existing homes, closings increased year-over-year in September after also increasing 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 came after a 1.7% fall in August from a year earlier.
The average mortgage size went down to $209,633 from $268,754 a year earlier. 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. Together, foreclosures plus REO closings made up 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 grew to 9.9% from 6.7%.