Closings of new homes in the Reading, PA market fell year-over-year in April, dropping after a year-over-year increase in March 2016. New home closings moved from 12 a year earlier to 6 after the figure moved from 11 in March 2015 to 18 in March 2016.
A total of 194 new homes were sold during the 12 months that ended in April, down from 200 for the year that ended in March.
Last year, 12 of 474 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 443 total closings. Following a year-over-year increase in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $225,395 last year to $252,093. This was on the heels of a 14.8% fall in March from a year earlier.
Average mortgage size on new homes went from $206,307 a year earlier to $218,151. Average mortgage size on new homes went from $247,426 in March 2015 to $228,939 in March 2016.
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.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 28.4% of existing home closings, down from 33.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.7% in April from 17.7% a year earlier while REO closings as a percentage of existing home closings rose to 16.7% from 15.6%.