New Home Prices Climb in Erie According to Recent Figures, Sales Decline
Posted on: Aug 08, 2014 11:20:03 AM
In May, there was a fall year-over-year in new home closings in the Erie, PA market, sliding after a growth in April 2014. New home closings moved from 6 a year earlier to 1 after the figure moved from none in April 2013 to 1 in April 2014.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 2.1% a year earlier. Closings of new and existing homes remained steady in May after falling in April year-over-year.
Pricing and Mortgage Trends
The average new home value went from $207,734 last year to $299,999. This followed a shift from no closings in April 2013 to an average price of $229,500 in April 2014.
Average mortgage size on new homes went from $160,000 a year earlier to $284,900.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.