In April, there was a decline year-over-year in new home closings in the Albany, NY market, and the decline was by a larger percentage than the March 2016. New home closings moved from 32 a year earlier to 12 after the figure moved from 36 in March 2015 to 17 in March 2016.
A total of 397 new homes were sold during the 12 months that ended in April, down from 417 for the year that ended in March.
New home closings were 12 out of the 805 total closings, down on a percentage basis from 32 of 791 a year earlier. Closings of new and existing homes climbed year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $306,652, down from last year's $419,020. This was on the heels of a 1.2% decline in March from a year earlier.
The average mortgage size moved to $293,785, down from last year's $305,885. It went from $310,706 to $313,164 from March 2015 to March 2016.
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.
The average unit size of newly sold homes rose from 2,267 square feet a year earlier to 3,213 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 20.8% of existing closings, lower than 23.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.3% in April from 12.0% a year earlier while REO closings as a percentage of existing home closings dropped to 10.5% from 11.6% a year earlier.