Prices of New Homes Gain in Pittsburgh, Sales Fall According to Latest Data
Posted on: Jul 06, 2014 07:28:36 AM
New home closings sank year-over-year in March in the Pittsburgh, PA market, but the drop in percentage terms was an improvement from February 2014, suggesting that the market may be evening out. New home closings saw a 23.5% decline from a year earlier to 101. This came after a 31.7% fall year-over-year in February.
A total of 1,591 new homes were sold during the 12 months that ended in March, down from 1,622 for the year that ended in February.
As a percentage of overall housing closings, new home closings made up 4.8%. This is down from the 5.9% of closings a year earlier. Closings of new and existing homes fell year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year in March to $339,738 per unit, a rise of 6.5%. This gain is smaller than the 6.9% surge in February year-over-year.
Average mortgage size on new homes went from $270,917 in March 2013 to $270,573 in March 2014. Average mortgage size grew 4.2% in February 2014 from a year earlier.