In April, the Rochester, NY market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 24 a year earlier to 10 after the figure moved from 27 in March 2015 to 15 in March 2016.
A total of 424 new homes were sold during the 12 months that ended in April, down from 438 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 2.2% a year earlier. Following a year-over-year rise in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $235,401, down from $305,475 a year earlier. This was on the heels of a 10.5% surge in March year-over-year.
From the year-ago figure of $239,666, the average mortgage size on new homes moved up to $269,475. In March 2016, average mortgage size on newly sold homes saw a 17.2% gain year-over-year from a year earlier.
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 2,111 square feet a year earlier to 2,202 square feet.
Out of all existing home closings, foreclosures combined with REO closings accounted for 20.4% of closings. They made up 20.3% in April 2015. The percentage of existing home closings involving foreclosures dropped to 9.5% in April from 12.2% a year earlier while REO closings as a percentage of existing home closings rose to 10.9% from 8.1%.