New home closings declined year-over-year in November in the Pittsburgh, PA market, and the decline was by a larger percentage than the October 2015. New home closings moved from 74 a year earlier to 10 after the figure moved from 88 in October 2014 to 12 in October 2015.
A total of 231 new homes were sold during the 12 months that ended in November, down from 295 for the year that ended in October.
New home closings were 3.4% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 10 of the 1,692 total closings. Closings of new and existing homes sank year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $318,866, down from $366,599 a year earlier. This came after a 7.4% drop in October from a year earlier.
There was a decline in average mortgage size on new homes, going from $292,873 last year to $248,845 in November 2015. Average mortgage size on new homes went from $289,746 in October 2014 to $261,527 in October 2015.
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 2,393 square feet a year earlier to 2,912 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 17.3% of existing home closings, below 19.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.0% in November from 12.4% a year earlier while REO closings as a percentage of existing home closings grew to 13.3% from 7.4%.