New Home Prices Rise in State College According to Latest Figures, Sales Decrease
Posted on: Aug 08, 2014 11:52:23 AM
In the State College, PA market in May, closings of new homes slid year-over-year, and the decline was by a larger percentage than the April 2014. New home closings moved from 9 a year earlier to 1 after the figure moved from 5 in April 2013 to 2 in April 2014.
New home closings were 1 out of the 139 total closings, down on a percentage basis from 9 of 175 a year earlier. Following a year-over-year increase in April, closings of new and existing homes sank year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $392,246, up from $334,002 a year earlier. This was on the heels of a 10.4% drop in April from a year earlier.
The average mortgage size on new homes was $784,492, up from $263,784. Average mortgage size on new homes went from $230,183 in April 2013 to $192,970 in April 2014.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2014.