In the Pittsburgh, PA market, closings of new homes slid year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 143 a year earlier to 11 after the figure moved from 136 in July 2015 to 10 in July 2016.
A total of 595 new homes were sold during the 12 months that ended in August, down from 727 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 4.7% a year earlier. Following a year-over-year decline in July, closings of new and existing homes also sank year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $358,285, down from $371,923 a year earlier. This came after a 1.3% lift in July year-over-year.
Average mortgage size on new homes increased to $305,845 from $299,281 last year. Average mortgage size on new homes went from $287,762 in July 2015 to $235,444 in July 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 2,665 square feet a year earlier to 2,430 square feet.
Combined, foreclosures plus REO closings represented 14.6% of existing home closings. They accounted for 14.6% in August 2015. The percentage of existing home closings involving foreclosures went from 6.9% in August 2015 to 6.5% in August 2016 and REO closings moved from 7.6% of existing home closings in August 2015 to 8.1% in August 2016.