Closings of new homes in the Pittsburgh, PA market dropped year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 23 a year earlier to 2 after the figure moved from 92 in December 2014 to 25 in December 2015.
A total of 264 new homes were sold during the 12 months that ended in January, down from 285 for the year that ended in December.
Last year, 23 of 1,779 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 1,593 total closings. For new and existing homes, closings dropped in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average new home value went from $332,465 last year to $392,000. This was on the heels of a 11.4% fall in December from a year earlier.
Average mortgage size on new homes went from $258,985 a year earlier to $298,975. In December 2015, average mortgage size on newly sold homes saw a 20.5% decline from a year earlier.
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 fall from a year earlier in January, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 19.3% of existing home closings, down from 25.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.9% in January from 15.4% a year earlier while REO closings as a percentage of existing home closings gained to 12.4% from 9.9%.