In the Reading, PA market in December, new home closings slid year-over-year, dropping after a year-over-year increase in November 2015. New home closings moved from 16 a year earlier to 10 after the figure moved from 10 in November 2014 to 19 in November 2015.
A total of 145 new homes were sold during the 12 months that ended in December, down from 151 for the year that ended in November.
New home closings were 10 out of the 438 total closings, a move on a percentage basis from 16 of 493 a year earlier. Closings of new and existing homes sank year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $288,640 from last year's $284,714. This was on the heels of a 32.9% rise in November year-over-year.
Average mortgage size on new homes went from $230,831 a year earlier to $260,372. Average mortgage size on new homes went from $171,771 in November 2014 to $236,910 in November 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.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 29.0% of existing closings, lower than 29.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 17.3% in December from 19.1% a year earlier and REO closings moved from 10.7% of existing home closings in December 2014 to 11.7% in December 2015.