In August, the Poughkeepsie, NY market saw a drop year-over-year in new home closings, but with a percentage decline not as steep as July 2015, there are signs that the market may be leveling out. New home closings saw a 44.2% fall from a year earlier to 24. This came on the heels of a 56.1% fall year-over-year in July.
A total of 493 new homes were sold during the 12 months that ended in August, down from 512 for the year that ended in July.
New home closings made up 3.2% of overall housing closings. This is a decline 5.7% of closings a year earlier. Following a year-over-year decline in July, closings of new and existing homes also sank year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year in August to $380,501 per unit, a rise of 4.0%. This boost is higher than the 1.7% lift in July year-over-year.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. In August 2015, the average mortgage size was $303,401, up 1.7% from a year earlier. In July 2015, average mortgage size on newly sold homes saw a 9.3% bump year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 46.5% of new closings in August 2014 to 79.2% of closings in August 2015. Meanwhile, attached units as a percentage of all new home closings fell to 20.8% of closings from 53.5% of closings.
For all new homes sold, the average unit size fell 4.1% year-over-year to 2,257 square feet in August 2015. For newly sold homes, an average size drop contrasting with an average price rise was also seen in July 2015 when the average size of newly sold homes slid 23.6% to 1,664 square feet. The average size of newly sold homes moved from 2,177 square feet in July 2014 to 1,664 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to rise in August from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 30.8% of existing home closings, up from 24.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.0% in August from 17.0% a year earlier while REO closings as a percentage of existing home closings increased to 16.8% from 7.9%.