Erie, PA - Newest New Home Sales Stay Steady
Posted on: May 06, 2012 09:25:45 AM
New home sales in the Erie, PA market were unchanged year-over-year in February, staying flat after advancing year-over-year in January from the year earlier. Sales remained level at two from a year earlier after the figure moved from one in January 2011 to four in January 2012.
A total of 42 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Two of the 191 total sales were new home sales, a shift on a percentage basis from two out of 139 a year earlier. Sales of new and existing homes climbed year-over-year in February after also rising in January year-over-year.
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The average per-unit price of new homes was $68,500, compared with $412,835 last year. This came after a 9.9% decline in January from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for one of two last year. Meanwhile, attached units made up no part of new home sales after making up one of two sales a year earlier.
Erie, PA - Newest New Home Sales Stay Steady
Posted on: May 06, 2012 09:25:45 AM
New home sales in the Erie, PA market were unchanged year-over-year in February, staying flat after advancing year-over-year in January from the year earlier. Sales remained level at two from a year earlier after the figure moved from one in January 2011 to four in January 2012.
A total of 42 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Two of the 191 total sales were new home sales, a shift on a percentage basis from two out of 139 a year earlier. Sales of new and existing homes climbed year-over-year in February after also rising in January year-over-year.
The average per-unit price of new homes was $68,500, compared with $412,835 last year. This came after a 9.9% decline in January from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for one of two last year. Meanwhile, attached units made up no part of new home sales after making up one of two sales a year earlier.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales accounted for 30.7% of existing home sales. In February 2011, they made up 33.6%. The percentage of existing home sales involving foreclosures slipped to 14.3% in February from 16.8% a year earlier and REO sales moved from 16.8% of existing home sales in February 2011 to 16.4% in February 2012.
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Source: Housing Intelligence