Closings of new homes fell year-over-year in January in the El Centro, CA market, falling after a rise in December 2015. New home closings moved from 4 a year earlier to 2 after the figure moved from 13 in December 2014 to 18 in December 2015.
A total of 138 new homes were sold during the 12 months that ended in January, down from 140 for the year that ended in December.
On a percentage basis, new home closings as a part of total closings decreased to 2.4% from 4.3% a year earlier. After rising year-over-year in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $347,250 from $229,025 a year ago. This was on the heels of a 43.6% rise in December year-over-year.
From the year-ago figure of $222,438, the average mortgage size on new homes moved up to $276,000. Average mortgage size on new homes went from $216,282 in December 2014 to $300,197 in December 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 18.8% of existing home closings, below a quarter a year earlier. The percentage of existing home closings involving foreclosures rose to 11.2% in January from 9.1% a year earlier while REO closings as a percentage of existing home closings dropped to 7.5% from 15.9% a year earlier.