New home closings in the Erie, PA market dropped year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 3 a year earlier to 1 after the figure moved from 3 in November 2014 to none in November 2015.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 1.5% a year earlier. Closings of new and existing homes jumped year-over-year in December following a drop in November year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $75,000, compared with $387,324 last year. This came after a.
Average mortgage size on new homes fell from $472,500 to $77,369.
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 increased in December from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 19.2% of existing home closings, above 12.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.2% in December from 4.0% a year earlier and REO closings moved from 8.6% of existing home closings in December 2014 to 9.0% in December 2015.