There was an increase in new home closings in the Reading, PA market in March year-over-year, but the increase was less than February 2016. New home closings moved from 11 a year earlier to 19 after the figure moved from 1 in February 2015 to 14 in February 2016.
A total of 204 new homes were sold during the 12 months that ended in March, up from 196 for the year that ended in February.
New home closings were 19 of the 499 total closings, up on a percentage basis from 11 of 420 a year earlier. Following a year-over-year increase in February, closings of new and existing homes also gained year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of new homes was $237,701, compared with $276,313 last year. This followed a 70.4% rise in February year-over-year.
The average mortgage size moved to $226,817, down from last year's $247,426. Average mortgage size on new homes went from $149,148 in February 2015 to $213,266 in February 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 2,477 square feet a year earlier to 2,424 square feet.
Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 28.5% of existing closings, lower than 32.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.9% in March from 10.0% a year earlier while REO closings as a percentage of existing home closings sank to 20.6% from 22.7% a year earlier.