Closings of new homes in the Pittsburgh, PA market slid year-over-year in April, 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.
On a percentage basis, new home closings as a part of total closings decreased to 0.5% from 4.0% a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price for new homes was $379,448, moving from $380,271 last year. This came after a 2.4% gain in March year-over-year.
Average mortgage size on new homes rose from $297,955 to $307,447. 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 decline from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 14.5% of existing home closings, down from 17.3% a year earlier. The percentage of existing home closings involving foreclosures sank 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.