New Home Closings and Prices in Pittsburgh Climb According to Recent Figures
Posted on: May 06, 2013 07:28:40 AM
In January, closings of new homes in the Pittsburgh, PA market rose year-over-year, but the percentage rise was not as steep as December 2012, giving signals of market evening out. Closings increased 9.3% from a year earlier to 94, relative to a 28.1% jump in December from the year earlier.
A total of 1,751 new homes were sold during the 12 months that ended in January, up from 1,743 for the year that ended in December.
New home closings made up 5.4% of overall housing closings. A year ago, new home closings represented 5.5%. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes increased 5.7% year-over-year to $315,595 per unit. This rise follows a move from $307,766 per unit to $306,446 from December 2011 to December 2012.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $256,832 in January, marking a 3.0% rise compared with a year earlier. Average mortgage size rose 1.7% in December 2012 from a year earlier. Of the overall sale price, the percentage that was being financed dipped 2.1 percentage points year-over-year to 81.4% in January 2013. In December 2012, there was a 1.8 percentage point rise from a year earlier.