In the Pittsburgh, PA market, new home closings dropped year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 103 a year earlier to 13 after the figure moved from 134 in May 2014 to 10 in May 2015.
A total of 624 new homes were sold during the 12 months that ended in June, down from 714 for the year that ended in May.
New home closings were 13 out of the 3,390 total closings, down on a percentage basis from 103 of 3,065 a year earlier. After dropping in May from a year earlier, closings of new and existing homes rose year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $325,816, down from $351,523 a year earlier. This came after a 9.5% decline in May from a year earlier.
The average mortgage size moved to $277,908, down from last year's $290,995. Average mortgage size went from $296,093 in May 2014 to $298,406 in May 2015.
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 2,436 square feet a year earlier to 1,525 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 11.7% of existing home closings, down from 14.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.4% in June from 7.4% a year earlier and REO closings moved from 6.6% of existing home closings in June 2014 to 6.3% in June 2015.