New Home Closings and Prices in Erie Increase According to Recent Figures
Posted on: Apr 06, 2014 07:13:03 AM
Closings of new homes grew year-over-year in January in the Erie, PA market, rebounding from a year-over-year decline in December 2013. New home closings moved from 1 a year earlier to 3 after the figure moved from 5 in December 2012 to 1 in December 2013.
A total of 34 new homes were sold during the 12 months that ended in January, up from 32 for the year that ended in December.
New home closings were 3 of the 160 total closings, up on a percentage basis from 1 of 160 a year earlier. After increasing in December from a year earlier, closings of new and existing homes remained level in January.
Pricing and Mortgage Trends
The average price of new homes was $277,133, an increase from $268,000 a year earlier. This followed a 6.5% lift in December year-over-year.
Average mortgage size on new homes increased to $200,555 from $168,000 last year. Average mortgage size on new homes went from $254,150 in December 2012 to $201,146 in December 2013.