In the Albany, NY market, new home closings declined year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 26 a year earlier to 10 after the figure moved from 23 in December 2014 to 12 in December 2015.
A total of 145 new homes were sold during the 12 months that ended in January, down from 161 for the year that ended in December.
Last year, 26 of 645 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 721 total closings. For new and existing homes, closings grew year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $424,862 from last year's $403,974. This followed a 19.2% decline in December from a year earlier.
Average mortgage size on new homes went from $317,913 a year earlier to $376,937. Average mortgage size on new homes went from $294,462 in December 2014 to $264,729 in December 2015.
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 fell from 1,954 square feet a year earlier to 1,728 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 22.1% of existing home closings, down from 23.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.0% in January from 13.7% a year earlier while REO closings as a percentage of existing home closings climbed to 12.1% from 9.5%.