In February, there was a drop year-over-year in new home closings in the Rochester, NY market, but the decline was less than the year-over-year decline in January. New home closings moved from 26 a year earlier to 8 after the figure moved from 44 in January 2015 to 11 in January 2016.
A total of 450 new homes were sold during the 12 months that ended in February, down from 468 for the year that ended in January.
New home closings represented 8 out of the 859 total closings, which is a smaller percentage than the 26 of 756 total closings a year earlier. After staying stable in January from a year earlier, closings of new and existing homes gained in February.
Pricing and Mortgage Trends
The average new home price was $220,888, down from $260,520 a year earlier. This followed a 4.4% decline in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $226,952 to $123,323. Average mortgage size on new homes went from $197,723 in January 2015 to $210,059 in January 2016.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold.
The average unit size of newly sold homes fell from 2,235 square feet a year earlier to 1,601 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in February from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, made up 27.5% of existing home closings, up from 21.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.9% in February from 13.4% a year earlier while REO closings as a percentage of existing home closings climbed to 12.6% from 8.1%.