Latest Numbers Show New Home Closings Gain in State College, Prices Drop
Posted on: Jul 06, 2014 07:36:16 AM
Closings of new homes grew year-over-year in April in the State College, PA market, rebounding from a year-over-year decline in March 2014. New home closings moved from 8 a year earlier to 11 after the figure moved from 9 in March 2013 to 6 in March 2014.
A total of 135 new homes were sold during the 12 months that ended in April, up from 132 for the year that ended in March.
New home closings were 10.8% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 11 of the 126 total closings. Following a drop in March year-over-year, closings of new and existing homes gained year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $219,295, compared with $230,919 last year. This was on the heels of a more than twofold surge in March year-over-year.
Average mortgage size on new homes fell from $210,110 to $185,987. Average mortgage size on new homes went from $176,686 in March 2013 to $326,944 in March 2014.