New home closings in the York, PA market dropped year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 47 a year earlier to 12 after the figure moved from 17 in November 2014 to 6 in November 2015.
A total of 134 new homes were sold during the 12 months that ended in December, down from 169 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 1.9% from 6.4% a year earlier. After rising year-over-year in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $250,167, down from last year's $269,295. This followed a 12.6% decline in November from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $230,621 to $200,752. Average mortgage size on new homes went from $227,690 in November 2014 to $235,446 in November 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 rose from 2,413 square feet a year earlier to 2,447 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 21.1% of existing home closings, down from 36.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.3% in December from 24.6% a year earlier while REO closings as a percentage of existing home closings gained to 14.8% from 12.1%.