In the Rochester, NY market in November, closings of new homes slid year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 33 a year earlier to 3 after the figure moved from 65 in October 2014 to 8 in October 2015.
A total of 164 new homes were sold during the 12 months that ended in November, down from 194 for the year that ended in October.
New home closings were 3 out of the 1,026 total closings, down on a percentage basis from 33 of 1,050 a year earlier. Following a year-over-year rise in October, closings of new and existing homes sank year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $192,167, down from $265,540 a year earlier. This came after a 11.8% fall in October from a year earlier.
The average mortgage size moved to $172,157, down from last year's $229,307. Average mortgage size on new homes went from $204,176 in October 2014 to $170,678 in October 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 1,784 square feet a year earlier to 1,589 square feet.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 20.4% of existing home closings, up from 14.7% a year earlier. The percentage of existing home closings involving foreclosures went from 9.3% in November 2014 to 9.9% in November 2015 and REO closings as a percentage of existing home closings climbed to 10.6% from 5.3%.