Closings of new homes in the York, PA market fell year-over-year in June, and the decline was by a larger percentage than the May 2015. New home closings moved from 35 a year earlier to 9 after the figure moved from 28 in May 2014 to 9 in May 2015.
A total of 288 new homes were sold during the 12 months that ended in June, down from 314 for the year that ended in May.
New home closings were 9 out of the 710 total closings, down on a percentage basis from 35 of 741 a year earlier. Following a year-over-year increase in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $208,122, down from $277,774 a year earlier. This was on the heels of a 11.1% fall in May from a year earlier.
Average mortgage size on new homes fell from $246,669 to $188,978. Average mortgage size on new homes went from $217,220 in May 2014 to $180,267 in May 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 fell from 2,581 square feet a year earlier to 1,883 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 19.4% of existing home closings, down from 32.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.7% in June from 20.1% a year earlier while REO closings as a percentage of existing home closings rose to 14.7% from 12.7%.