New home closings in the Pittsburgh, PA market sank year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 78 a year earlier to 15 after the figure moved from 74 in November 2014 to 10 in November 2015.
A total of 168 new homes were sold during the 12 months that ended in December, down from 231 for the year that ended in November.
New home closings represented 0.7% of overall housing closings. This is a fall 3.3% of closings a year earlier. Following a year-over-year decline in November, closings of new and existing homes also declined year-over-year in December.
Pricing and Mortgage Trends
In December, the average price of newly sold homes dropped year-over-year to $317,631 per unit, marking a 10.8% decline from the year-earlier figure. This decline is a drop off from the 13.0% fall in November from a year earlier.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. In December 2015, the average mortgage size on newly sold homes saw a 13.0% fall from a year earlier. Average mortgage size on new homes went from $292,873 in November 2014 to $248,845 in November 2015.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings grew from 92.3% of new closings in December 2014 to 93.3% of closings in December 2015. Meanwhile, attached units as a percentage of all new home closings sank to 6.7% of closings from 7.7% of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 15.1% of existing home closings, down from 15.2% a year earlier. The percentage of existing home closings involving foreclosures went from 6.8% in December 2014 to 6.3% in December 2015 and REO closings moved from 8.4% of existing home closings in December 2014 to 8.8% in December 2015.