The Pittsburgh, PA market saw a drop in new home closings year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 90 a year earlier to 12 after the figure moved from 129 in July 2014 to 10 in July 2015.
A total of 454 new homes were sold during the 12 months that ended in August, down from 532 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 3.2% a year earlier. Closings of new and existing homes stayed level after increasing in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $312,016, down from last year's $356,125. This followed a 6.4% fall in July from a year earlier.
Average mortgage size on new homes moved from $294,282 to $296,121. Average mortgage size on new homes went from $286,839 in July 2014 to $236,335 in July 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.
The average unit size of newly sold homes fell from 2,600 square feet a year earlier to 2,207 square feet.
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 14.0% of existing home closings, higher than 12.3% a year earlier. The percentage of existing home closings involving foreclosures went from 6.8% in August 2014 to 6.7% in August 2015 and REO closings as a percentage of existing home closings jumped to 7.3% from 5.5%.