New home closings in the Erie, PA market were unchanged year-over-year in May, staying relatively stable after having decreased year-over-year in April. Closings remained level at 2 from a year earlier after the figure moved from 4 in April 2015 to none in April 2016.
2 of the 324 total closings were new home closings, a shift on a percentage basis from 2 out of 268 a year earlier. For new and existing homes, closings gained year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $304,250, compared with $307,550 last year. This was on the heels of a.
Average mortgage size on new homes fell from $284,125 to $105,000.
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 2,343 square feet a year earlier to 1,770 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 14.9% of existing home closings, down from 17.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.2% in May from 7.9% a year earlier and REO closings moved from 9.4% of existing home closings in May 2015 to 8.7% in May 2016.