In March, there was a decline year-over-year in new home closings in the York, PA market, but the decline was less than the year-over-year decline in February. New home closings moved from 20 a year earlier to 16 after the figure moved from 26 in February 2015 to 4 in February 2016.
A total of 336 new homes were sold during the 12 months that ended in March, down from 340 for the year that ended in February.
New home closings represented 2.5% of overall housing closings. This is down from the a year earlier when new home closings made up 3.8% of total closings. Following a fall in February year-over-year, closings of new and existing homes jumped year-over-year in March.
Pricing and Mortgage Trends
The average per-unit value of new homes slid year-over-year to $201,582 in March, a decline of 21.4% from a year earlier. This drop is larger than the 9.5% decline in February from a year earlier.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. Average mortgage size dropped 24.3% to $184,713 in March from a year earlier. Average mortgage size on new homes went from $210,311 in February 2015 to $124,559 in February 2016.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have dipped. Attached unit closings climbed from 15.0% of all closings in March 2015 to 81.2% of closings in March 2016. Meanwhile, single-family home closings as a percentage of all new home closings slid to 18.8% of closings from 85.0% of closings.
For all new homes sold, the average unit size slid 19.3% year-over-year to 2,191 square feet in March 2016. The average size of newly sold homes moved from 2,071 square feet in February 2015 to 1,556 square feet in February 2016. A decrease in both the average size and price of newly sold homes was also seen in February 2016 when the average size grew 24.9% to 1,556 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, made up 29.7% of existing home closings, higher than 23.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.4% in March from 4.1% a year earlier while REO closings as a percentage of existing home closings dropped to 14.4% from 19.1% a year earlier.