Closings of new homes in the Erie, PA market slid year-over-year in March, and the decline was similar to February 2016. New home closings moved from 3 a year earlier to 1 after the figure moved from 3 in February 2015 to 1 in February 2016.
A total of 31 new homes were sold during the 12 months that ended in March, down from 33 for the year that ended in February.
1 of the 186 total closings were new home closings, a shift on a percentage basis from 3 out of 266 a year earlier. Following a year-over-year rise in February, closings of new and existing homes sank year-over-year in March.
The average new home price was $192,900, down from $288,315 a year earlier. This was on the heels of a 77.8% drop in February 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 fell from 2,213 square feet a year earlier to 1,736 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in March from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 29.2% of existing home closings, up from 20.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.7% in March from 6.1% a year earlier and REO closings moved from 14.1% of existing home closings in March 2015 to 13.5% in March 2016.