The Albany, NY market saw a drop in new home closings year-over-year in June, but the percentage drop was not as steep as May 2016, suggesting that the market may be leveling out. New home closings saw a drop of 40.6% from the year earlier to 19. In comparison, new home closings in the same month last year saw a 65.1% fall year-over-year in May.
A total of 362 new homes were sold during the 12 months that ended in June, down from 375 for the year that ended in May.
Out of all housing closings, new home closings made up 1.5%. This is down from the a year earlier when new home closings represented 2.5% of total closings. Following a year-over-year increase in May, closings of new and existing homes sank year-over-year in June.
Pricing and Mortgage Trends
In June, the average price of newly sold homes dropped year-over-year to $357,894 per unit, marking a 19.8% drop from the year-earlier figure. This fall compares to a 2.0% hike in May year-over-year.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. The average mortgage size fell to $353,031 in June, marking a 6.3% fall compared with last year. Average mortgage size climbed 21.4% in May 2016 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings gained from 18.8% of all closings in June 2015 to 31.6% of closings in June 2016. At the same time, the share belonging to single-family homes dropped to 68.4% of closings from 81.2% of closings.
There was a 28.6% fall year-over-year in the average unit size of newly sold homes to 1,757 square feet in June 2016. In May, the average size of new homes sold went from 2,220 square feet a year earlier to 2,030 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 17.5% of existing home closings, down from 18.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.8% in June from 12.5% a year earlier while REO closings as a percentage of existing home closings jumped to 8.7% from 6.4%.