New Home Prices Rise in Reading According to Recent Figures, Sales Fall
Posted on: Feb 11, 2014 07:31:18 AM
New home closings in the Reading, PA market sank year-over-year in October, curving down after an increase in September 2013. Closings declined 27.3% from a year earlier to 16. This came after a 10.5% boost year-over-year in September.
A total of 205 new homes were sold during the 12 months that ended in October, down from 211 for the year that ended in September.
Out of all housing closings, new home closings represented 3.8%. A year ago, 4.3% of total closings were new home closings. After rising year-over-year in September, closings of new and existing homes declined year-over-year in October.
Pricing and Mortgage Trends
Average price of newly sold homes had a 6.2% rise year-over-year to $211,742 per unit in October. This boost follows a move from $233,084 per unit in September 2012 to $235,088 in September 2013.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. In October 2013, the average mortgage size was $194,613, up 6.7% from a year earlier. Average mortgage size sank 16.2% in September 2013 from a year earlier.