In the Reading, PA market, closings of new homes jumped year-over-year in January, rebounding from a year-over-year decline in December 2015. New home closings moved from 7 a year earlier to 11 after the figure moved from 16 in December 2014 to 10 in December 2015.
A total of 149 new homes were sold during the 12 months that ended in January, up from 145 for the year that ended in December.
New home closings were 11 out of the 378 total closings, a move on a percentage basis from 7 of 322 a year earlier. After dropping in December from a year earlier, closings of new and existing homes rose year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $274,439, up from $232,478 a year earlier. This came after a 1.4% rise in December year-over-year.
From the year-ago figure of $193,066, the average mortgage size on new homes moved up to $208,455. Average mortgage size on new homes went from $230,831 in December 2014 to $260,372 in December 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.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 38.4% of closings, below 39.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 21.8% in January from 19.0% a year earlier while REO closings as a percentage of existing home closings fell to 16.6% from 20.0% a year earlier.