In March, the York, PA market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in February. New home closings moved from 20 a year earlier to 16 after the figure moved from 26 in February 2015 to 4 in February 2016.
A total of 336 new homes were sold during the 12 months that ended in March, down from 340 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 2.5%. This is down from the a year earlier when new home closings made up 3.8% of total closings. Closings of new and existing homes climbed year-over-year in March following a drop in February year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 21.4% drop year-over-year in March to $201,582 per unit. This fall is larger than the 9.5% drop in February from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. The average mortgage size declined to $184,713 in March, marking a 24.3% fall compared with last year. Average mortgage size on new homes went from $210,311 in February 2015 to $124,559 in February 2016.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have dipped. The share of new home closings belonging to attached units increased from 15.0% of closings in March 2015 to 81.2% of closings in March 2016. Meanwhile, single-family home closings as a percentage of all new home closings fell to 18.8% of closings from 85.0% of closings.
For all new homes sold, the average unit size fell 19.3% year-over-year to 2,191 square feet in March 2016. A decrease in both the average size and price of newly sold homes was also seen in February 2016 when the average size grew 24.9% to 1,556 square feet. The average size of newly sold homes moved from 2,071 square feet in February 2015 to 1,556 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, made up 29.7% of existing home closings, higher than 23.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.4% in March from 4.1% a year earlier while REO closings as a percentage of existing home closings slid to 14.4% from 19.1% a year earlier.