Closings of new homes slid year-over-year in May in the Rochester, NY market, 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.
Last year, 39 of 1,299 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 1,387 total closings. For new and existing homes, closings gained year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $317,167 from last year's $310,662. This followed a 22.9% drop in April from a year earlier.
Average mortgage size on new homes fell from $231,671 to $220,223. 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. Foreclosures and REO closings, taken together, made up 16.8% of existing home closings, higher than 14.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.2% in May from 9.2% a year earlier while REO closings as a percentage of existing home closings jumped to 9.6% from 5.5%.