Prices of New Homes Gain in Pittsburgh, Sales Fall According to Freshest Data
Posted on: Nov 12, 2013 07:36:34 AM
In July, there was a fall year-over-year in new home closings in the Pittsburgh, PA market, but the percentage fall, which was less than that of June 2013, gave hints that the market may be stabilizing. There was a 17.1% drop in new home closings from a year earlier. This followed a 18.9% drop year-over-year in June.
A total of 1,707 new homes were sold during the 12 months that ended in July, down from 1,736 for the year that ended in June.
Out of all housing closings, new home closings represented 4.4%. This is down from the a year earlier when new home closings made up 6.2% of total closings. Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 9.2% year-over-year in July to $340,252 per unit. This rise is better than the 7.0% bump in June year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. In July 2013, the average mortgage size was $287,230, up 7.4% from a year earlier. In June 2013, average mortgage size increased 8.9% from a year earlier.