Recent Numbers Show Prices of New Homes Climb in Erie, Sales Decline
Posted on: Mar 06, 2014 07:13:07 AM
In December, there was a decline year-over-year in new home closings in the Erie, PA market, and the decline was by a larger percentage than the November 2013. New home closings moved from 5 a year earlier to 1 after the figure moved from 7 in November 2012 to 4 in November 2013.
A total of 32 new homes were sold during the 12 months that ended in December, down from 36 for the year that ended in November.
New home closings were 1 out of the 187 total closings, down on a percentage basis from 5 of 177 a year earlier. Following a drop in November year-over-year, closings of new and existing homes rose year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $251,433, up from $236,138 a year earlier. This came after a 34.0% bump in November year-over-year.
The average mortgage size moved to $201,146, down from last year's $254,150. Average mortgage size on new homes went from $204,615 in November 2012 to $272,012 in November 2013.