New home closings in the Kingston, NY market were unchanged year-over-year in February, staying level after a year-over-year increase in January from a year earlier. Closings remained level at 1 from a year earlier after the figure moved from none in January 2015 to 1 in January 2016. New home closings moved from 1 a year earlier to 1 after the figure moved from none in January 2015 to 1 in January 2016.
1 of the 171 total closings were new home closings, a shift on a percentage basis from 1 out of 122 a year earlier. Following a year-over-year increase in January, closings of new and existing homes also gained year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $450,100 from $152,000 a year ago. This followed a shift from no closings in January 2015 to an average price of $117,000 in January 2016.
Average mortgage size on new homes went from $102,000 a year earlier to $382,500.
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 1,120 square feet a year earlier to 2,430 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in February from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 34.7% of existing home closings, higher than 32.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 17.6% in February from 23.1% a year earlier while REO closings as a percentage of existing home closings grew to 17.1% from 9.1%.