Closings of new homes in the Reading, PA market slid year-over-year in October, a decline following a rise in September 2015. New home closings moved from 18 a year earlier to 9 after the figure moved from 12 in September 2014 to 17 in September 2015.
A total of 140 new homes were sold during the 12 months that ended in October, down from 149 for the year that ended in September.
New home closings represented 9 out of the 540 total closings, which is a smaller percentage than the 18 of 605 total closings a year earlier. After rising year-over-year in September, closings of new and existing homes declined year-over-year in October.
Pricing and Mortgage Trends
The average per-unit price of new homes was $260,975, compared with $272,147 last year. This was on the heels of a 7.1% lift in September year-over-year.
The average mortgage size on new homes was $242,864, up from $240,324. Average mortgage size on new homes went from $249,897 in September 2014 to $236,624 in September 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 2,551 square feet a year earlier to 1,228 square feet.
Foreclosures and real estate owned (REO) closings fell in October from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings made up 26.6% of existing home closings, below 30.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.8% in October from 18.4% a year earlier while REO closings as a percentage of existing home closings fell to 9.8% from 11.9% a year earlier.