Closings of new homes in the Pittsburgh, PA market dropped year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 115 a year earlier to 8 after the figure moved from 105 in February 2015 to 11 in February 2016.
A total of 1,178 new homes were sold during the 12 months that ended in March, down from 1,285 for the year that ended in February.
Last year, 115 of 2,432 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 1,938 total closings. Following a year-over-year decline in February, closings of new and existing homes also dropped year-over-year in March.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $345,212 from $337,182 a year ago. This followed a 7.0% boost in February year-over-year.
The average mortgage size moved to $264,958, down from last year's $272,362. Average mortgage size on new homes went from $294,143 in February 2015 to $320,157 in February 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 fell from 2,342 square feet a year earlier to 1,489 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 17.2% of existing home closings, below 20.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.0% in March from 11.0% a year earlier while REO closings as a percentage of existing home closings increased to 12.2% from 9.2%.