In November, the York, PA market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the October 2015. New home closings moved from 16 a year earlier to 6 after the figure moved from 23 in October 2014 to 15 in October 2015.
A total of 168 new homes were sold during the 12 months that ended in November, down from 178 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 3.6% a year earlier. Following a fall in October year-over-year, closings of new and existing homes increased year-over-year in November.
Pricing and Mortgage Trends
The average per-unit price of new homes was $210,363, compared with $244,691 last year. This was on the heels of a 27.3% drop in October from a year earlier.
From the year-ago figure of $227,690, the average mortgage size on new homes moved up to $235,446. Average mortgage size declined 27.0% in October 2015 from a year earlier.
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 2,833 square feet a year earlier to 1,994 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in November from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, represented 31.7% of existing home closings, higher than 19.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.7% in November from 5.1% a year earlier while REO closings as a percentage of existing home closings fell to 11.9% from 14.8% a year earlier.