In the Pittsburgh, PA market in June, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in May. New home closings moved from 144 a year earlier to 12 after the figure moved from 149 in May 2015 to 7 in May 2016.
A total of 845 new homes were sold during the 12 months that ended in June, down from 977 for the year that ended in May.
New home closings were 4.0% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 12 of the 2,901 total closings. For new and existing homes, closings slid in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $308,098, compared with $373,429 last year. This followed a 25.3% drop in May from a year earlier.
There was a decline in average mortgage size on new homes, going from $302,581 last year to $268,547 in June 2016. Average mortgage size on new homes went from $311,737 in May 2015 to $209,015 in May 2016.
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 fell from 2,708 square feet a year earlier to 2,315 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 10.1% of closings, below 12.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.1% in June from 5.8% a year earlier and REO closings moved from 6.5% of existing home closings in June 2015 to 6.0% in June 2016.