In the York, PA market, closings of new homes dropped year-over-year in October, but the decline was less than the year-over-year decline in September. New home closings moved from 23 a year earlier to 15 after the figure moved from 52 in September 2014 to 12 in September 2015.
A total of 178 new homes were sold during the 12 months that ended in October, down from 186 for the year that ended in September.
New home closings accounted for 2.3% of overall housing closings. This is down from the 3.3% of closings a year earlier. After rising year-over-year in September, closings of new and existing homes fell year-over-year in October.
Pricing and Mortgage Trends
In October, the average per-unit price of new homes sank by 27.3% year-over-year to $201,327. This fall compares to a 2.1% surge in September year-over-year.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. In October 2015, there was a 27.0% decline in the average mortgage size on new homes to $178,846. Average mortgage size on new homes went from $186,247 in September 2014 to $167,396 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. Attached unit closings gained from 8.7% of all closings in October 2014 to 73.3% of closings in October 2015. Meanwhile, single-family home closings as a percentage of all new home closings fell to 26.7% of closings from 91.3% of closings.
The average unit size of newly sold homes fell 16.5% year-over-year to 2,009 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in October, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 23.7% of existing home closings, below 37.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.5% in October from 27.0% a year earlier while REO closings as a percentage of existing home closings rose to 13.2% from 10.3%.