Freshest Figures Show New Home Sales and Prices Drop in Reading
Posted on: Dec 06, 2013 07:38:52 AM
In the Reading, PA market in August, new home closings fell year-over-year, but the drop in percentage terms was not as steep as July 2013, signaling that the market may be evening out. New home closings saw a fall of 9.1% from the year earlier to 20. In comparison, new home closings in the same month last year saw a 28.6% decline year-over-year in July.
A total of 201 new homes were sold during the 12 months that ended in August, down from 203 for the year that ended in July.
As a percentage of overall housing closings, new home closings accounted for 4.0%. This is a drop 5.3% of closings a year earlier. After staying stable in July from a year earlier, closings of new and existing homes gained in August.
Pricing and Mortgage Trends
The average price of newly sold homes sank 3.9% year-over-year in August to $232,673 per unit. This decline compares to a 25.3% rise in July year-over-year.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. In August 2013, the average mortgage size on newly sold homes saw a 23.2% drop from a year earlier. In July 2013, average mortgage size on newly sold homes saw a 30.8% lift year-over-year from a year earlier.