Pittsburgh, PA - Freshest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:35:56 AM
In the Pittsburgh, PA market in January, sales of new homes dropped year-over-year, and there were hints of weakening market conditions with a percentage drop steeper than that of December 2011. New home sales saw a 16.3% fall from a year earlier to 87. This came after a 15.3% decline year-over-year in December.
A total of 1,509 new homes were sold during the 12 months that ended in January, down from 1,526 for the year that ended in December.
Of the total number of sales, new home sales made up 5.8%. They accounted for 5.5% of sales a year earlier. Following a year-over-year decline in December, sales of new and existing homes also slid year-over-year in January.
Advertisement
Pricing and Mortgage Trends
In January, the average price of newly sold homes rose 3.8% year-over-year to $291,011 per unit. This rise is smaller than the 17.3% lift in December year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In January 2012, average mortgage size increased 5.1% from a year earlier to $249,699. In December 2011, average mortgage size on newly sold homes saw a 3.7% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed rose 1.1 percentage points year-over-year to 85.8% in January 2012. In December 2011, there was a 10.9 percentage point fall in December from a year earlier.
Pittsburgh, PA - Freshest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:35:56 AM
In the Pittsburgh, PA market in January, sales of new homes dropped year-over-year, and there were hints of weakening market conditions with a percentage drop steeper than that of December 2011. New home sales saw a 16.3% fall from a year earlier to 87. This came after a 15.3% decline year-over-year in December.
A total of 1,509 new homes were sold during the 12 months that ended in January, down from 1,526 for the year that ended in December.
Of the total number of sales, new home sales made up 5.8%. They accounted for 5.5% of sales a year earlier. Following a year-over-year decline in December, sales of new and existing homes also slid year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes rose 3.8% year-over-year to $291,011 per unit. This rise is smaller than the 17.3% lift in December year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In January 2012, average mortgage size increased 5.1% from a year earlier to $249,699. In December 2011, average mortgage size on newly sold homes saw a 3.7% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed rose 1.1 percentage points year-over-year to 85.8% in January 2012. In December 2011, there was a 10.9 percentage point fall in December from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes climbed from 96.2% in January 2011 to all of sales in January 2012. At the same time, the share of new home sales belonging to attached units sank to no part of sales from 3.8% of sales.
Foreclosures and real estate owned (REO) sales stayed steady in January from a year earlier, but remained a drag on the market. Foreclosures and REO sales, taken together, represented 27.0% of existing sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures went from 14.1% in January 2011 to 14.8% in January 2012 and REO sales as a percentage of existing home sales slipped to 12.2% from 13.6% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence