The Pittsburgh, PA market saw a drop in new home closings year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 115 a year earlier to 8 after the figure moved from 105 in February 2015 to 11 in February 2016.
A total of 1,178 new homes were sold during the 12 months that ended in March, down from 1,285 for the year that ended in February.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 4.7% a year earlier. For new and existing homes, closings slid in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $345,212 from $337,182 a year ago. This was on the heels of a 7.0% hike in February year-over-year.
There was a decline in average mortgage size on new homes, going from $272,362 last year to $264,958 in March 2016. Average mortgage size on new homes went from $294,143 in February 2015 to $320,157 in February 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,342 square feet a year earlier to 1,489 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 17.2% of existing closings, lower than 20.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.0% in March from 11.0% a year earlier while REO closings as a percentage of existing home closings increased to 12.2% from 9.2%.