In July, there was a drop year-over-year in new home closings in the Erie, PA market, but the decline was less than the year-over-year decline in June. New home closings moved from 4 a year earlier to 2 after the figure moved from 4 in June 2014 to none in June 2015.
2 of the 376 total closings were new home closings, a shift on a percentage basis from 4 out of 366 a year earlier. After dropping in June from a year earlier, closings of new and existing homes grew year-over-year in July.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $455,000 from $247,548 a year ago. This came after a.
Average mortgage size on new homes went from $273,276 a year earlier to $344,400.
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 1,829 square feet a year earlier to 4,132 square feet.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 18.4% of existing home closings, above 15.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.7% in July from 11.6% a year earlier while REO closings as a percentage of existing home closings jumped to 11.8% from 4.1%.