In the Erie, PA market, new home closings slid year-over-year in August, and the decline was similar to July 2015. New home closings moved from 2 a year earlier to 1 after the figure moved from 4 in July 2014 to 2 in July 2015.
New home closings were 1 out of the 318 total closings, a move on a percentage basis from 2 of 302 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also rose year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes rose to $307,500 from last year's $180,258. This came after a 83.8% bump in July year-over-year.
Average mortgage size on new homes went from $160,000 a year earlier to $246,000. Average mortgage size on new homes went from $273,276 in July 2014 to $344,400 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 14.5% of existing closings, lower than 19.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.8% in August from 11.0% a year earlier while REO closings as a percentage of existing home closings fell to 4.7% from 8.7% a year earlier.