In September, the State College, PA market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in August. New home closings moved from 11 a year earlier to 3 after the figure moved from 17 in August 2014 to 2 in August 2015.
On a percentage basis, new home closings as a part of total closings decreased to 2.4% from 8.9% a year earlier. Following a drop in August year-over-year, closings of new and existing homes jumped year-over-year in September.
Pricing and Mortgage Trends
The average per-unit price of new homes was $263,337, compared with $435,790 last year. This came after a 26.2% decline in August from a year earlier.
Average mortgage size on new homes fell from $291,782 to $213,661. Average mortgage size on new homes went from $246,193 in August 2014 to $258,900 in August 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 September 2015.
The average unit size of newly sold homes fell from 2,683 square feet a year earlier to 1,988 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 11.4% of existing home closings, higher than 9.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.7% in September from 4.4% a year earlier and REO closings moved from 5.3% of existing home closings in September 2014 to 5.7% in September 2015.