Closings of new homes sank year-over-year in July in the Erie, PA market, but the decline was less than the year-over-year decline in June. New home closings moved from 5 a year earlier to 1 after the figure moved from 3 in June 2015 to none in June 2016.
New home closings were 1 out of the 284 total closings, a move on a percentage basis from 5 of 396 a year earlier. After rising year-over-year in June, closings of new and existing homes dropped year-over-year in July.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $252,000, down from last year's $337,034. This followed a.
The average mortgage size went down to $105,000 from $346,933 a year earlier.
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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.8% of closings, below 17.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.5% in July from 6.6% a year earlier while REO closings as a percentage of existing home closings fell to 6.4% from 11.3% a year earlier.