Newest Figures Show New Home Prices Gain, Sales Decrease in Erie
Posted on: Dec 06, 2013 07:14:58 AM
New home closings in the Erie, PA market fell year-over-year in September, and the decline was by a larger percentage than the August 2013. New home closings moved from 9 a year earlier to 2 after the figure moved from 8 in August 2012 to 2 in August 2013.
A total of 36 new homes were sold during the 12 months that ended in September, down from 43 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 0.8% from 3.6% a year earlier. Following a decline in August year-over-year, closings of new and existing homes gained year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes was $156,620, an increase from $100,642 a year earlier. This came after a more than twofold lift in August year-over-year.
The average mortgage size went down to $66,458 from $68,075 a year earlier. Average mortgage size on new homes went from $133,638 in August 2012 to $400,000 in August 2013.