New Home Prices Rise, Sales Decline in Lancaster - August 2014
Posted on: Aug 09, 2014 07:01:09 AM
In May, the Lancaster, PA market saw a decline year-over-year in new home closings, but the percentage decline, which was less than that of April 2014, gave hints that the market may be evening out. There was a 29.3% fall in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 36.7% fall year-over-year in April.
A total of 536 new homes were sold during the 12 months that ended in May, down from 553 for the year that ended in April.
Out of all housing closings, new home closings made up 5.9%. This is a fall 8.5% of closings a year earlier. Following a drop in April year-over-year, closings of new and existing homes rose year-over-year in May.
Pricing and Mortgage Trends
In May, the average price of newly sold homes gained year-over-year to $266,616 per unit, a 6.5% surge. This hike is smaller than the 15.2% gain in April year-over-year.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. Average mortgage size dropped 7.0% to $205,756 in May from a year earlier. Average mortgage size increased 10.3% in April 2014 from a year earlier.