In the Reading, PA market in April, closings of new homes sank year-over-year, falling after a rise in March 2016. New home closings moved from 12 a year earlier to 6 after the figure moved from 11 in March 2015 to 18 in March 2016.
A total of 194 new homes were sold during the 12 months that ended in April, down from 200 for the year that ended in March.
New home closings were 6 out of the 443 total closings, down on a percentage basis from 12 of 474 a year earlier. Following a year-over-year rise in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $252,093, an increase from $225,395 a year earlier. This followed a 14.8% fall in March from a year earlier.
Average mortgage size on new homes increased to $218,151 from $206,307 last year. Average mortgage size on new homes went from $247,426 in March 2015 to $228,939 in March 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.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 28.4% of closings, below 33.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.7% in April from 17.7% a year earlier while REO closings as a percentage of existing home closings gained to 16.7% from 15.6%.