Freshest Numbers For El Centro Show New Home Closings and Prices Climb
Posted on: Nov 12, 2013 07:13:28 AM
In the El Centro, CA market in August, closings of new homes jumped year-over-year, and the increase was greater than July 2013. New home closings moved from 15 a year earlier to 24 after the figure moved from 10 in July 2012 to 15 in July 2013.
A total of 135 new homes were sold during the 12 months that ended in August, up from 126 for the year that ended in July.
As a percentage of overall housing closings, new home closings made up 15.0%. This is an increase on a percentage basis, as new home closings were 7.3% of total closings a year ago. Following a year-over-year decline in July, closings of new and existing homes also slid year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes grew year-over-year to $228,208 in August, up 8.9% from last year. This bump is smaller than the 31.8% rise in July year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. In August 2013, the average mortgage size was $224,599, a 2.3% rise from a year earlier. Average mortgage size on new homes went from $221,601 in July 2012 to $207,019 in July 2013.