In September, there was a fall year-over-year in new home closings in the Erie, PA market, but the decline was less than the year-over-year decline in August. New home closings moved from 3 a year earlier to 2 after the figure moved from 2 in August 2014 to 1 in August 2015.
2 of the 319 total closings were new home closings, a shift on a percentage basis from 3 out of 294 a year earlier. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $303,450, compared with $323,113 last year. This followed a 70.6% lift in August year-over-year.
The average mortgage size moved to $242,760, down from last year's $274,900. Average mortgage size on new homes went from $160,000 in August 2014 to $246,000 in August 2015.
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 2,075 square feet a year earlier to 2,407 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 17.7% of existing home closings, below 17.9% a year earlier. The percentage of existing home closings involving foreclosures went from 9.3% in September 2014 to 9.1% in September 2015 and REO closings as a percentage of existing home closings stayed level at 8.5%.