In February, the Pittsburgh, PA market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the January 2016. New home closings moved from 105 a year earlier to 11 after the figure moved from 95 in January 2015 to 17 in January 2016.
A total of 1,282 new homes were sold during the 12 months that ended in February, down from 1,376 for the year that ended in January.
New home closings represented 11 out of the 1,639 total closings, which is a smaller percentage than the 105 of 1,776 total closings a year earlier. Following a year-over-year decline in January, closings of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $378,379 from last year's $353,729. This was on the heels of a 18.0% rise in January year-over-year.
Average mortgage size on new homes went from $294,143 a year earlier to $320,157. In January 2016, average mortgage size rose 3.1% from a year earlier.
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 2,582 square feet a year earlier to 2,506 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 18.7% of closings, below 23.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.1% in February from 11.0% a year earlier and REO closings moved from 12.6% of existing home closings in February 2015 to 11.6% in February 2016.