The Pittsburgh, PA market saw a drop in new home closings year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 127 a year earlier to 10 after the figure moved from 103 in June 2014 to 13 in June 2015.
A total of 520 new homes were sold during the 12 months that ended in July, down from 637 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 0.3% from 4.0% a year earlier. For new and existing homes, closings gained year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $342,209, down from last year's $362,722. This followed a 7.3% drop in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $285,305 to $236,335. Average mortgage size on new homes went from $290,995 in June 2014 to $277,908 in June 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 fell from 2,893 square feet a year earlier to 2,592 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 13.7% of existing home closings, below 15.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.1% in July from 9.7% a year earlier and REO closings moved from 6.0% of existing home closings in July 2014 to 6.6% in July 2015.