In the State College, PA market, new home closings fell year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 10 a year earlier to 2 after the figure moved from 14 in June 2015 to none in June 2016.
New home closings were 4.7% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 2 of the 114 total closings. Following a year-over-year decline in June, closings of new and existing homes also sank year-over-year in July.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $255,180, down from last year's $362,659. This came after a.
Average mortgage size on new homes fell from $277,624 to $133,000.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
The average unit size of newly sold homes fell from 2,303 square feet a year earlier to 1,650 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 2.7% of existing home closings, down from 3.9% a year earlier. The percentage of existing home closings involving foreclosures went from 2.4% in July 2015 to 2.7% in July 2016 and REO closings as a percentage of existing home closings slid to no part from 1.5% a year earlier.