Newest Numbers Show Prices of New Homes Rise in Reading, Sales Decline
Posted on: Aug 08, 2014 11:44:30 AM
In the Reading, PA market, closings of new homes dropped year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 15 a year earlier to 8 after the figure moved from 23 in March 2013 to 7 in March 2014.
A total of 181 new homes were sold during the 12 months that ended in April, down from 188 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 3.8% a year earlier. Following a decline in March year-over-year, closings of new and existing homes increased year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $228,576, an increase from $218,571 a year earlier. This came after a 12.7% hike in March year-over-year.
The average mortgage size moved to $181,532, down from last year's $224,661. Average mortgage size on new homes went from $197,419 in March 2013 to $187,937 in March 2014.