In April, there was a decline year-over-year in new home closings in the York, PA market, and the decline was by a larger percentage than the March 2016. New home closings moved from 32 a year earlier to 13 after the figure moved from 20 in March 2015 to 16 in March 2016.
A total of 317 new homes were sold during the 12 months that ended in April, down from 336 for the year that ended in March.
Last year, 32 of 708 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 642 total closings. After rising year-over-year in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $228,918, down from $234,783 a year earlier. This followed a 21.4% decline in March from a year earlier.
Average mortgage size on new homes fell from $206,144 to $202,568. In March 2016, average mortgage size slid 24.3% from a year earlier.
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 rose from 2,120 square feet a year earlier to 2,177 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 23.2% of existing home closings, below 35.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.7% in April from 22.0% a year earlier and REO closings moved from 13.5% of existing home closings in April 2015 to 12.6% in April 2016.