Recent Numbers For Erie Show New Home Closings and Prices Increase
Posted on: Jul 06, 2014 07:11:22 AM
New home closings in the Erie, PA market gained year-over-year in April, and the increase was similar to March 2014. New home closings moved from 1 a year earlier to 2 after the figure moved from 1 in March 2013 to 2 in March 2014.
2 of the 199 total closings were new home closings, a shift on a percentage basis from 1 out of 243 a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.
The average new home price was $199,750, up from $50,000 a year earlier. This was on the heels of a more than threefold rise in March year-over-year.
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 continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 16.8% of existing closings, lower than 19.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.6% in April from 11.6% a year earlier and REO closings moved from 8.3% of existing home closings in April 2013 to 8.1% in April 2014.