Prices of New Homes Increase in Lancaster, Sales Fall According to Recent Data
Posted on: Mar 06, 2014 07:22:44 AM
In the Lancaster, PA market in December, closings of new homes dropped year-over-year, curving down after an increase in November 2013. There was a 36.0% decline in new home closings from a year earlier. This came on the heels of a 30.8% hike year-over-year in November.
A total of 609 new homes were sold during the 12 months that ended in December, down from 640 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 10.5%. This is down from the 17.4% of closings a year earlier. For new and existing homes, closings climbed year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes gained year-over-year to $282,493 per unit, a 13.2% boost. This gain is better than the 6.2% bump in November year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. Average mortgage size climbed 8.2% to $231,022 in December from a year earlier. Average mortgage size gained 20.8% in November 2013 from a year earlier.