In the Poughkeepsie, NY market, new home closings slid year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 37 a year earlier to 11 after the figure moved from 54 in December 2014 to 25 in December 2015.
A total of 387 new homes were sold during the 12 months that ended in January, down from 413 for the year that ended in December.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 7.2% a year earlier. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $409,150, up from $367,454 a year earlier. This came after a move from $374,201 per unit in December 2014 to $372,852 in December 2015.
Average mortgage size on new homes increased to $346,018 from $294,999 last year. It went from $298,852 to $295,958 from December 2014 to December 2015.
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 1,967 square feet a year earlier to 2,611 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, represented 39.7% of existing home closings, higher than 36.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 22.3% in January from 20.1% a year earlier and REO closings moved from 16.5% of existing home closings in January 2015 to 17.4% in January 2016.