Recent Numbers Show New Home Closings Increase in York, Prices Drop
Posted on: May 06, 2013 07:40:29 AM
Closings of new homes increased year-over-year in January in the York, PA market, rebounding from a year-over-year decline in December 2012. New home closings moved from 13 a year earlier to 15 after the figure moved from 43 in December 2011 to 23 in December 2012.
A total of 318 new homes were sold during the 12 months that ended in January, up from 316 for the year that ended in December.
Fifteen of the 341 total closings were new home closings, a shift on a percentage basis from 13 out of 327 a year earlier. Closings of new and existing homes rose year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $186,897, down from $191,701 a year earlier. This was on the heels of a 1.7% decline in December from a year earlier.
Average mortgage size on new homes moved from $164,075 to $165,405. In December 2012, average mortgage size fell 1.5% from a year earlier. For new home closings, the average percentage of the price being financed increased 2.9 percentage points from a year earlier. It moved from 88.8% in December 2011 to 88.9% in January 2012.