In the Erie, PA market, closings of new homes sank year-over-year in September, 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.
New home closings were 2 out of the 319 total closings, a move on a percentage basis from 3 of 294 a year earlier. For new and existing homes, closings gained year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $303,450, down from last year's $323,113. This came after a 70.6% surge in August year-over-year.
There was a decline in average mortgage size on new homes, going from $274,900 last year to $242,760 in September 2015. 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 drop from a year earlier in September, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 17.7% of 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%.