Recent Numbers Show Prices of New Homes Gain in Reading, Sales Fall
Posted on: Jul 06, 2014 07:30:16 AM
In March, there was a decline year-over-year in new home closings in the Reading, PA market, and the decline was by a larger percentage than the February 2014. New home closings moved from 25 a year earlier to 7 after the figure moved from 11 in February 2013 to 8 in February 2014.
A total of 198 new homes were sold during the 12 months that ended in March, down from 216 for the year that ended in February.
New home closings were 7 out of the 315 total closings, down on a percentage basis from 25 of 397 a year earlier. Following a year-over-year rise in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes rose to $232,937 from last year's $187,517. This came after a 37.8% bump in February year-over-year.
Average mortgage size on new homes increased to $199,227 from $188,748 last year. Average mortgage size on new homes went from $204,628 in February 2013 to $236,600 in February 2014.