New home closings in the El Centro, CA market gained year-over-year in September, but the increase was less than August 2015. New home closings moved from 17 a year earlier to 28 after the figure moved from 5 in August 2014 to 15 in August 2015.
A total of 152 new homes were sold during the 12 months that ended in September, up from 141 for the year that ended in August.
Out of all housing closings, new home closings made up 19.3%. This is a bump from 12.9% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also grew year-over-year in September.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 15.9% in September to $248,143 per unit. This gain is smaller than the 33.6% bump in August year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. Average mortgage size grew 8.5% to $224,068 in September from a year earlier. Average mortgage size on new homes went from $202,157 in August 2014 to $275,201 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 23.1% of closings, below 35.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.1% in September from 13.9% a year earlier while REO closings as a percentage of existing home closings fell to 12.0% from 21.7% a year earlier.