Newest Figures Show New Home Sales and Prices Fall in Philadelphia
Posted on: Aug 08, 2014 11:42:04 AM
New home closings in the Philadelphia, PA market slid year-over-year in April, and there were signs of worsening market conditions as the percentage drop was steeper than March 2014. New home closings saw a 43.7% fall from a year earlier to 254. This followed a 26.0% drop year-over-year in March.
A total of 5,196 new homes were sold during the 12 months that ended in April, down from 5,393 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 4.8%. This is a fall 6.9% of closings a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes slid year-over-year to $406,841 per unit, marking a 1.3% drop from the year-earlier figure. This fall compares to a 6.5% gain in March year-over-year.
For newly sold homes, the average mortgage size rose year-over-year in contrast to new home prices. The average mortgage size saw a 3.0% surge year-over-year to $307,241 in April. Average mortgage size jumped 9.3% in March 2014 from a year earlier.