Latest Numbers Show Prices of New Homes Climb in Lancaster, Sales Drop
Posted on: Dec 06, 2013 07:25:24 AM
New home closings dropped year-over-year in September in the Lancaster, PA market, but the drop in percentage terms was an improvement from August 2013, suggesting that the market may be leveling out. There was a 10.9% drop in new home closings from a year earlier. This followed a 22.6% decline year-over-year in August.
A total of 623 new homes were sold during the 12 months that ended in September, down from 629 for the year that ended in August.
New home closings made up 7.7% of overall housing closings. This is down from the 10.3% of closings a year earlier. For new and existing homes, closings jumped year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes rose year-over-year to $272,996 in September, up 12.6% from last year. This boost is smaller than the 24.8% surge in August year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $224,479 in September, marking a 5.2% bump compared with a year earlier. In August 2013, average mortgage size on newly sold homes saw a 19.4% boost year-over-year from a year earlier.