Freshest Figures Show New Home Prices Rise, Sales Drop in State College
Posted on: Dec 06, 2013 07:46:20 AM
In the State College, PA market, closings of new homes sank year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 14 a year earlier to 13 after the figure moved from 17 in August 2012 to 10 in August 2013.
A total of 121 new homes were sold during the 12 months that ended in September, down from 122 for the year that ended in August.
New home closings were 13 out of the 101 total closings, a move on a percentage basis from 14 of 114 a year earlier. Following a year-over-year decline in August, closings of new and existing homes also dropped year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes was $339,893, an increase from $294,717 a year earlier. This was on the heels of a 16.3% hike in August year-over-year.
Average mortgage size on new homes rose from $213,533 to $278,079. Average mortgage size on new homes went from $219,112 in August 2012 to $201,906 in August 2013.