Erie, PA - Local Housing Data - Summary

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Erie, PA Local News

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.


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