New home closings in the York, PA market sank year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 26 a year earlier to 8 after the figure moved from 32 in April 2015 to 13 in April 2016.
A total of 299 new homes were sold during the 12 months that ended in May, down from 317 for the year that ended in April.
New home closings represented 8 out of the 723 total closings, which is a smaller percentage than the 26 of 627 total closings a year earlier. Following a drop in April year-over-year, closings of new and existing homes rose year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $193,346, compared with $245,358 last year. This followed a 2.5% decline in April from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $218,010 to $163,973. Average mortgage size on new homes went from $206,144 in April 2015 to $202,568 in April 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 2,358 square feet a year earlier to 1,734 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in May from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings represented 26.9% of existing home closings, up from 18.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.1% in May from 4.0% a year earlier and REO closings moved from 14.5% of existing home closings in May 2015 to 13.7% in May 2016.