New home closings in the Altoona, PA market were unchanged year-over-year in February, staying relatively stable after having decreased year-over-year in January. Closings remained level at 1 from a year earlier after the figure moved from 1 in January 2015 to none in January 2016.
1 of the 103 total closings were new home closings, a shift on a percentage basis from 1 out of 71 a year earlier. Following a drop in January year-over-year, closings of new and existing homes jumped year-over-year in February.
The average per-unit price of new homes was $175,000, compared with $265,772 last year. This followed a.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings continued to increase in February from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings made up 41.2% of existing home closings, above 27.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 26.5% in February from 17.1% a year earlier while REO closings as a percentage of existing home closings increased to 14.7% from 10.0%.