In the El Centro, CA market in November, new home closings fell year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 15 a year earlier to 4 after the figure moved from 16 in October 2014 to 8 in October 2015.
A total of 133 new homes were sold during the 12 months that ended in November, down from 144 for the year that ended in October.
New home closings were 4 out of the 95 total closings, down on a percentage basis from 15 of 112 a year earlier. For new and existing homes, closings fell in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $280,375, up from $245,367 a year earlier. This followed a 32.3% surge in October year-over-year.
Average mortgage size on new homes rose from $219,082 to $309,492. Average mortgage size on new homes went from $209,762 in October 2014 to $259,405 in October 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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 15.4% of existing closings, lower than 30.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.7% in November from 15.5% a year earlier while REO closings as a percentage of existing home closings slid to 7.7% from 15.5% a year earlier.