The State College, PA market saw a drop in new home closings year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 20 a year earlier to 1 after the figure moved from 10 in June 2014 to 2 in June 2015.
New home closings were 9.1% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 203 total closings. After rising year-over-year in June, closings of new and existing homes dropped year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $270,000, down from $331,401 a year earlier. This came after a 3.0% boost in June year-over-year.
The average mortgage size moved to $237,600, down from last year's $254,669. Average mortgage size on new homes went from $244,222 in June 2014 to $205,500 in June 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 July 2015.
The average unit size of newly sold homes fell from 2,315 square feet a year earlier to 1,862 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 4.0% of existing closings, lower than 6.0% a year earlier. The percentage of existing home closings involving foreclosures went from 1.5% in July 2014 to 2.5% in July 2015 and REO closings as a percentage of existing home closings fell to 1.5% from 4.5% a year earlier.