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.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen. Single-family home closings made up 12 of 15 new home closings after accounting for nine of 13 a year earlier. Meanwhile, attached units made up three of 15 new home closings after making up four of 13 closings a year earlier.
The average unit size of newly sold homes fell from 2,155 square feet a year earlier to 1,765 square feet.
Foreclosures and real estate owned (REO) closings did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 24.8% of closings. They accounted for 16.2% in January 2012. The percentage of existing home closings involving foreclosures went from 3.8% in January 2012 to 4.6% in January 2013 and REO closings as a percentage of existing home closings rose to 20.2% from 12.4%.
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