New home closings in the Rochester, NY market sank year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 27 a year earlier to 14 after the figure moved from 26 in February 2015 to 8 in February 2016.
A total of 437 new homes were sold during the 12 months that ended in March, down from 450 for the year that ended in February.
New home closings were 2.7% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 14 of the 991 total closings. Following a year-over-year increase in February, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $262,616 last year to $280,395. This followed a 15.2% fall in February from a year earlier.
Average mortgage size on new homes rose from $183,003 to $214,472. Average mortgage size on new homes went from $226,952 in February 2015 to $123,323 in February 2016.
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 2,073 square feet a year earlier to 2,369 square feet.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 21.0% of existing home closings, above 19.2% a year earlier. The percentage of existing home closings involving foreclosures went from 9.8% in March 2015 to 10.6% in March 2016 and REO closings moved from 9.4% of existing home closings in March 2015 to 10.3% in March 2016.