Closings of new homes in the Rochester, NY market fell year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 39 a year earlier to 6 after the figure moved from 24 in April 2015 to 10 in April 2016.
A total of 391 new homes were sold during the 12 months that ended in May, down from 424 for the year that ended in April.
New home closings were 3.0% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 6 of the 1,387 total closings. Following a year-over-year increase in April, closings of new and existing homes also grew year-over-year in May.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $317,167 from $310,662 a year ago. This followed a 22.9% fall in April from a year earlier.
The average mortgage size went down to $220,223 from $231,671 a year earlier. Average mortgage size on new homes went from $239,666 in April 2015 to $269,475 in April 2016.
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.
The average unit size of newly sold homes rose from 2,117 square feet a year earlier to 2,520 square feet.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 16.8% of existing home closings, up from 14.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.2% in May from 9.2% a year earlier while REO closings as a percentage of existing home closings climbed to 9.6% from 5.5%.