In the Poughkeepsie, NY market in June, closings of new homes fell year-over-year, and there were signs the market may be worsening with a percentage decline steeper than that of May 2016. Closings fell 53.1% from a year earlier to 23. This came after a 40.0% fall year-over-year in May.
A total of 377 new homes were sold during the 12 months that ended in June, down from 403 for the year that ended in May.
Out of all housing closings, new home closings made up 2.8%. This is down from the 5.8% of closings a year earlier. Following a year-over-year rise in May, closings of new and existing homes sank year-over-year in June.
Pricing and Mortgage Trends
Average price of newly sold homes had a 4.5% boost year-over-year to $350,872 per unit in June. This bump compares to a 1.2% fall in May from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In June 2016, there was a 8.5% hike in the average mortgage size, reaching $297,483. In May 2016, average mortgage size on newly sold homes saw a 3.5% decline from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes gained from 40.8% in June 2015 to 52.2% of closings in June 2016. Meanwhile, attached units as a percentage of all new home closings slid to 47.8% of closings from 59.2% of closings.
There was a 1.5% drop year-over-year in the average unit size of newly sold homes to 2,052 square feet in June 2016. In May, the average size of new homes sold went from 2,137 square feet a year earlier to 1,904 square feet.
Foreclosures and real estate owned (REO) closings decreased in June from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 32.0% of existing home closings, below 34.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 14.2% in June from 20.6% a year earlier while REO closings as a percentage of existing home closings increased to 17.8% from 14.1%.