In the Reading, PA market, new home closings sank year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 20 a year earlier to 11 after the figure moved from 24 in June 2014 to 7 in June 2015.
A total of 129 new homes were sold during the 12 months that ended in July, down from 138 for the year that ended in June.
Last year, 20 of 518 total closings were new homes, and this percentage saw a decline as new home closings this year made up 11 of the 635 total closings. For new and existing homes, closings gained year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $286,288 from last year's $278,139. This was on the heels of a 5.1% bump in June year-over-year.
From the year-ago figure of $211,951, the average mortgage size on new homes moved up to $225,125. Average mortgage size on new homes went from $230,120 in June 2014 to $161,005 in June 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.
The average unit size of newly sold homes rose from 2,251 square feet a year earlier to 4,162 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 20.0% of existing home closings, below 27.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.5% in July from 15.7% a year earlier while REO closings as a percentage of existing home closings slid to 10.6% from 11.6% a year earlier.