In the York, PA market in March, closings of new homes declined year-over-year, but the decline was less than the year-over-year decline in February. New home closings moved from 20 a year earlier to 16 after the figure moved from 26 in February 2015 to 4 in February 2016.
A total of 336 new homes were sold during the 12 months that ended in March, down from 340 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 2.5%. This is down from the a year earlier when new home closings accounted for 3.8% of total closings. Closings of new and existing homes grew year-over-year in March following a drop in February year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 21.4% drop year-over-year in March to $201,582 per unit. This fall is larger than the 9.5% decline in February from a year earlier.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. It sank to $184,713 in March, a 24.3% drop. Average mortgage size on new homes went from $210,311 in February 2015 to $124,559 in February 2016.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. The share of new home closings belonging to attached units rose from 15.0% of closings in March 2015 to 81.2% of closings in March 2016. At the same time, the share belonging to single-family homes dropped to 18.8% of closings from 85.0% of closings.
The average unit size of newly sold homes slid 19.3% year-over-year to 2,191 square feet in March 2016. A drop was also seen in February 2016 when the average size of new homes sold dropped 24.9% to 1,556 square feet. In February, the average size of new homes sold went from 2,071 square feet a year earlier to 1,556 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in March from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 29.7% of existing home closings, higher than 23.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.4% in March from 4.1% a year earlier while REO closings as a percentage of existing home closings declined to 14.4% from 19.1% a year earlier.