Freshest Figures Show New Home Prices Gain, Sales Decrease in Lancaster
Posted on: Apr 06, 2014 07:22:29 AM
In the Lancaster, PA market in January, new home closings declined year-over-year, but with a percentage decline less steep than December 2013, there are signals the market may be stabilizing. Closings sank 26.5% from a year earlier to 25. This came after a 36.8% fall year-over-year in December.
A total of 598 new homes were sold during the 12 months that ended in January, down from 607 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 6.4%. This is down from the 7.6% of closings a year earlier. After rising year-over-year in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
Average price of newly sold homes had a 8.9% rise year-over-year to $249,929 per unit in January. This gain is smaller than the 10.1% surge in December year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It rose 5.8% in January from a year earlier to $200,544. In December 2013, average mortgage size on newly sold homes saw a 4.1% rise year-over-year from a year earlier.