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Lancaster, PA Local News

Lancaster, PA - Recent Figures for New Home Sales Rise Year-Over-Year in February After Decline Year-Over-Year in January

Posted on: May 07, 2012 09:22:39 AM

There was an increase in sales of new homes in the Lancaster, PA market in February year-over-year, moving up after a decline in January 2012. New home sales saw a jump of 29.6% from the year earlier to 35. This came on the heels of a 7.4% decline year-over-year in January.

A total of 428 new homes were sold during the 12 months that ended in February, up from 420 for the year that ended in January.

New home sales accounted for 11.4% of overall housing sales. This is a rise from 9.7% of sales a year earlier. Sales of new and existing homes jumped year-over-year in February after also rising in January year-over-year.

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Pricing and Mortgage Trends

The average price of newly sold homes increased 2.4% year-over-year in February to $227,185 per unit. This is an upward shift from a 5.4% decline in January from a year earlier.

The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. Average mortgage size declined by 9.2% from a year earlier, settling at $179,594 in February. Average mortgage size climbed 12.5% in January 2012 from a year earlier. Of the overall sale price, the percentage that was being financed declined 10.0 percentage points year-over-year to 79.1% in February 2012. This was a swing downward after a 14.8 percentage point hike in January from a year earlier.

 
 
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