New home closings sank year-over-year in January in the Harrisburg, CA market, but the decline was less than the year-over-year decline in December. New home closings moved from 27 a year earlier to 4 after the figure moved from 67 in December 2014 to 4 in December 2015.
A total of 146 new homes were sold during the 12 months that ended in January, down from 169 for the year that ended in December.
New home closings represented 4 out of the 474 total closings, which is a smaller percentage than the 27 of 551 total closings a year earlier. Closings of new and existing homes dropped year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $297,798, up from $292,692 a year earlier. This was on the heels of a 2.8% fall in December from a year earlier.
Average mortgage size on new homes fell from $254,069 to $217,839. Average mortgage size on new homes went from $230,544 in December 2014 to $311,667 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.
The average unit size of newly sold homes rose from 2,316 square feet a year earlier to 2,510 square feet.
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. Out of all existing home closings, foreclosures combined with REO closings represented 24.5% of closings, below 38.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.0% in January from 25.6% a year earlier while REO closings as a percentage of existing home closings grew to 14.5% from 12.8%.