New home closings fell year-over-year in April in the Pittsburgh, PA market, but the decline was less than the year-over-year decline in March. New home closings moved from 107 a year earlier to 11 after the figure moved from 115 in March 2015 to 8 in March 2016.
A total of 1,082 new homes were sold during the 12 months that ended in April, down from 1,178 for the year that ended in March.
Last year, 107 of 2,644 total closings were new homes, and this percentage saw a decline as new home closings this year made up 11 of the 2,164 total closings. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.
Pricing and Mortgage Trends
The average price for new homes was $379,448, moving from $380,271 last year. This was on the heels of a 2.4% lift in March year-over-year.
The average mortgage size on new homes was $307,447, up from $297,955. Average mortgage size on new homes went from $272,362 in March 2015 to $264,958 in March 2016.
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.
The average unit size of newly sold homes rose from 2,518 square feet a year earlier to 2,836 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 14.5% of closings, below 17.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.5% in April from 9.0% a year earlier and REO closings moved from 8.3% of existing home closings in April 2015 to 8.0% in April 2016.