Closings of new homes climbed year-over-year in November in the Reading, PA market, rebounding from a year-over-year decline in October 2015. New home closings moved from 10 a year earlier to 19 after the figure moved from 18 in October 2014 to 9 in October 2015.
A total of 150 new homes were sold during the 12 months that ended in November, up from 141 for the year that ended in October.
New home closings were 19 of the 465 total closings, up on a percentage basis from 10 of 476 a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $308,565, an increase from $232,125 a year earlier. This was on the heels of a 4.1% drop in October from a year earlier.
Average mortgage size on new homes went from $171,771 a year earlier to $236,910. Average mortgage size on new homes went from $240,324 in October 2014 to $242,864 in October 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 2,392 square feet a year earlier to 1,252 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in November from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 31.8% of existing home closings, above 26.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.1% in November from 13.1% a year earlier while REO closings as a percentage of existing home closings climbed to 17.7% from 13.1%.