Prices of New Homes Climb in Lancaster, Sales Fall According to Latest Data
Posted on: Jul 06, 2014 07:19:41 AM
Closings of new homes fell year-over-year in April in the Lancaster, PA market, and the percentage fall, which was steeper than March 2014, gave suggestions of weakening market conditions. New home closings saw a decline of 27.5% from the year earlier to 37. This came on the heels of a 11.9% fall year-over-year in March.
A total of 587 new homes were sold during the 12 months that ended in April, down from 601 for the year that ended in March.
Out of all housing closings, new home closings accounted for 8.1%. This is down from the 9.7% of closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes grew year-over-year to $261,106 per unit, a 7.6% hike. This surge is smaller than the 14.4% boost in March year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. The average mortgage size rose to $219,918 in April, marking a 8.4% surge compared with a year earlier. In March 2014, average mortgage size on newly sold homes saw a 1.6% drop from a year earlier.