In July, the York, PA market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the June 2015. New home closings moved from 43 a year earlier to 10 after the figure moved from 35 in June 2014 to 9 in June 2015.
A total of 258 new homes were sold during the 12 months that ended in July, down from 291 for the year that ended in June.
New home closings were 10 out of the 736 total closings, down on a percentage basis from 43 of 605 a year earlier. After dropping in June from a year earlier, closings of new and existing homes jumped year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $204,050, compared with $223,859 last year. This came after a 25.1% decline in June from a year earlier.
Average mortgage size on new homes increased to $202,161 from $194,278 last year. Average mortgage size on new homes went from $246,669 in June 2014 to $188,978 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 1,950 square feet a year earlier to 1,852 square feet.
Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 23.1% of existing home closings, above 17.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.2% in July from 2.8% a year earlier while REO closings as a percentage of existing home closings declined to 12.9% from 14.2% a year earlier.