New home closings dropped year-over-year in February in the York, PA market, and the decline was by a larger percentage than the January 2016. New home closings moved from 26 a year earlier to 4 after the figure moved from 16 in January 2015 to 14 in January 2016.
A total of 339 new homes were sold during the 12 months that ended in February, down from 361 for the year that ended in January.
New home closings were 4 out of the 479 total closings, down on a percentage basis from 26 of 502 a year earlier. After rising year-over-year in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $202,449, down from last year's $223,650. This followed a 37.3% boost in January year-over-year.
The average mortgage size moved to $124,559, down from last year's $210,311. Average mortgage size on new homes went from $157,744 in January 2015 to $249,912 in January 2016.
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 2,071 square feet a year earlier to 1,556 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 38.1% of closings, below 44.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 19.8% in February from 27.1% a year earlier while REO closings as a percentage of existing home closings climbed to 18.3% from 17.2%.