The Reading, PA market saw an increase in closings of new homes in March year-over-year, but the increase was less than February 2016. New home closings moved from 11 a year earlier to 19 after the figure moved from 1 in February 2015 to 14 in February 2016.
A total of 204 new homes were sold during the 12 months that ended in March, up from 196 for the year that ended in February.
New home closings were 19 out of 499 total closings, making up 3.8%. This is up on a percentage basis from 11 of 420 a year earlier. Closings of new and existing homes increased year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $237,701, down from last year's $276,313. This was on the heels of a 70.4% gain in February year-over-year.
Average mortgage size on new homes fell from $247,426 to $226,817. Average mortgage size on new homes went from $149,148 in February 2015 to $213,266 in February 2016.
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 2,477 square feet a year earlier to 2,424 square feet.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 28.5% of existing closings, lower than 32.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.9% in March from 10.0% a year earlier while REO closings as a percentage of existing home closings sank to 20.6% from 22.7% a year earlier.