Newest Numbers Show Prices of New Homes Rise in Lancaster, Sales Fall
Posted on: May 06, 2013 07:19:44 AM
The Lancaster, PA market saw a drop in new home closings year-over-year in February, and the percentage drop was steeper than January 2013. New home closings saw a 60.0% drop from a year earlier to 20. This was after the housing market saw a 38.5% decline year-over-year in January.
A total of 616 new homes were sold during the 12 months that ended in February, down from 646 for the year that ended in January.
As a percentage of overall housing closings, new home closings accounted for 6.2%, down from the 16.2% of closings a year earlier. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average value of new homes saw a 14.8% lift year-over-year as it grew to $249,346 per unit. This hike is a swing up from an 9.0% decline in January from a year earlier.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. Average mortgage size climbed 14.7% to $206,554 in February from a year earlier. In January 2013, average mortgage size on newly sold homes saw a 12.9% fall from a year earlier. For new home closings, the percentage of the sale price that was being financed was relatively unchanged from February 2012 to February 2013 at 82.8%. In January, the figure saw a 3.9 percentage point decline from a year earlier.