Closings of new homes in the Reading, PA market dropped year-over-year in June, and the decline was by a larger percentage than the May 2015. New home closings moved from 24 a year earlier to 7 after the figure moved from 23 in May 2014 to 15 in May 2015.
A total of 138 new homes were sold during the 12 months that ended in June, down from 155 for the year that ended in May.
Last year, 24 of 598 total closings were new homes, and this percentage saw a decline as new home closings this year made up 7 of the 611 total closings. Following a year-over-year increase in May, closings of new and existing homes also increased year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes was $248,920, an increase from $236,788 a year earlier. This followed a 14.1% hike in May year-over-year.
The average mortgage size moved to $161,005, down from last year's $230,120. Average mortgage size climbed 17.3% in May 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 rose from 2,358 square feet a year earlier to 2,592 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 24.0% of closings, below 30.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.4% in June from 18.8% a year earlier and REO closings moved from 11.3% of existing home closings in June 2014 to 10.6% in June 2015.