In September, the State College, PA market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in August. New home closings moved from 11 a year earlier to 3 after the figure moved from 17 in August 2014 to 2 in August 2015.
New home closings were 8.9% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 3 of the 126 total closings. Following a fall in August year-over-year, closings of new and existing homes grew year-over-year in September.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $263,337, down from last year's $435,790. This followed a 26.2% drop in August from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $291,782 to $213,661. Average mortgage size on new homes went from $246,193 in August 2014 to $258,900 in August 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 September 2015.
The average unit size of newly sold homes fell from 2,683 square feet a year earlier to 1,988 square feet.
Foreclosures and real estate owned (REO) closings increased in September from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 11.4% of existing home closings, higher than 9.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.7% in September from 4.4% a year earlier and REO closings moved from 5.3% of existing home closings in September 2014 to 5.7% in September 2015.