In August, the York, PA market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in July. New home closings moved from 52 a year earlier to 14 after the figure moved from 43 in July 2014 to 10 in July 2015.
A total of 225 new homes were sold during the 12 months that ended in August, down from 263 for the year that ended in July.
New home closings were 14 out of the 694 total closings, down on a percentage basis from 52 of 753 a year earlier. Following a year-over-year increase in July, closings of new and existing homes dropped year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of new homes was $228,707, compared with $246,708 last year. This was on the heels of a 8.8% fall in July from a year earlier.
Average mortgage size on new homes increased to $206,757 from $200,819 last year. Average mortgage size on new homes went from $194,278 in July 2014 to $202,161 in July 2015.
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 2,191 square feet a year earlier to 2,137 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 16.5% of closings, below 35.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.2% in August from 25.5% a year earlier while REO closings as a percentage of existing home closings sank to 8.2% from 10.3% a year earlier.