New home closings dropped year-over-year in August in the York, PA market, 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 6.9% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 14 of the 694 total closings. Following a year-over-year increase in July, closings of new and existing homes fell 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% decline in July from a year earlier.
From the year-ago figure of $200,819, the average mortgage size on new homes moved up to $206,757. 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 decline from a year earlier in August, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.5% of existing closings, lower than 35.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.2% in August from 25.5% a year earlier while REO closings as a percentage of existing home closings slid to 8.2% from 10.3% a year earlier.