Freshest Numbers For Pittsburgh Show New Home Closings and Prices Gain
Posted on: Apr 06, 2014 07:32:57 AM
There was an increase in closings of new homes in the Pittsburgh, PA market in December year-over-year, rebounding from a year-over-year decline in November 2013. New home closings saw a jump of 1.8% from the year earlier to 168. This came after a 20.8% decline year-over-year in November.
A total of 1,609 new homes were sold during the 12 months that ended in December, up from 1,606 for the year that ended in November.
New home closings accounted for 7.3% of overall housing closings. A year earlier, new home closings accounted for 7.8% of total closings. Closings of new and existing homes grew year-over-year in December following a fall in November year-over-year.
Pricing and Mortgage Trends
In December, there was a 11.5% rise year-over-year in the average price of newly sold homes, reaching $341,235 per unit. This surge is smaller than the 26.8% gain in November year-over-year.
Average mortgage size on new homes climbed year-over-year along with new home prices. In December 2013, the average mortgage size was $282,170, a 8.1% boost from a year earlier. Average mortgage size increased 10.7% in November 2013 from a year earlier.