In the Pittsburgh, PA market, closings of new homes fell year-over-year in October, and the decline was by a larger percentage than the September 2015. New home closings moved from 88 a year earlier to 10 after the figure moved from 109 in September 2014 to 16 in September 2015.
A total of 290 new homes were sold during the 12 months that ended in October, down from 368 for the year that ended in September.
New home closings were 3.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 10 of the 2,384 total closings. Following a year-over-year increase in September, closings of new and existing homes slid year-over-year in October.
Pricing and Mortgage Trends
The average new home price was $299,999, down from $344,401 a year earlier. This came after a 20.7% drop in September from a year earlier.
There was a decline in average mortgage size on new homes, going from $289,746 last year to $261,527 in October 2015. Average mortgage size declined 21.8% in September 2015 from a year earlier.
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 2,409 square feet a year earlier to 2,278 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in October, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 13.9% of existing home closings, down from 14.4% a year earlier. The percentage of existing home closings involving foreclosures went from 6.4% in October 2014 to 6.0% in October 2015 and REO closings moved from 8.0% of existing home closings in October 2014 to 7.8% in October 2015.