Closings of new homes in the Erie, PA market remained unchanged year-over-year in May, staying flat after dropping year-over-year in April from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 4 in April 2015 to none in April 2016.
New home closings were 2 out of the 324 total closings, a move on a percentage basis from 2 of 268 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also jumped year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $304,250, down from $307,550 a year earlier. This followed a.
The average mortgage size moved to $105,000, down from last year's $284,125.
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 2,343 square feet a year earlier to 1,770 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 14.9% of existing home closings, down from 17.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.2% in May from 7.9% a year earlier and REO closings moved from 9.4% of existing home closings in May 2015 to 8.7% in May 2016.