In January, there was a decline year-over-year in new home closings in the York, PA market, but the decline was less than the year-over-year decline in December. New home closings moved from 11 a year earlier to 4 after the figure moved from 47 in December 2014 to 12 in December 2015.
A total of 127 new homes were sold during the 12 months that ended in January, down from 134 for the year that ended in December.
New home closings were 4 out of the 446 total closings, down on a percentage basis from 11 of 384 a year earlier. Closings of new and existing homes increased year-over-year in January following a decline in December year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $249,011 from $200,844 a year ago. This was on the heels of a 7.1% fall in December from a year earlier.
The average mortgage size on new homes was $202,320, up from $142,055. Average mortgage size on new homes went from $230,621 in December 2014 to $200,752 in December 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 rose from 1,782 square feet a year earlier to 1,995 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 29.0% of existing home closings, higher than 21.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.9% in January from 3.5% a year earlier while REO closings as a percentage of existing home closings declined to 16.1% from 18.0% a year earlier.