New home closings in the York, PA market sank year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 32 a year earlier to 10 after the figure moved from 26 in May 2015 to 8 in May 2016.
A total of 277 new homes were sold during the 12 months that ended in June, down from 299 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 1.3% from 4.3% a year earlier. For new and existing homes, closings climbed year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $218,762, down from $249,679 a year earlier. This followed a 21.2% drop in May from a year earlier.
The average mortgage size went down to $180,218 from $218,090 a year earlier. Average mortgage size on new homes went from $218,010 in May 2015 to $163,973 in May 2016.
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 2,328 square feet a year earlier to 1,749 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 15.0% of existing home closings, down from 19.9% a year earlier. The percentage of existing home closings involving foreclosures went from 5.1% in June 2015 to 5.3% in June 2016 and REO closings as a percentage of existing home closings fell to 9.7% from 14.7% a year earlier.