In January, the Rochester, NY market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the December 2015. New home closings moved from 33 a year earlier to 2 after the figure moved from 33 in December 2014 to 10 in December 2015.
A total of 110 new homes were sold during the 12 months that ended in January, down from 141 for the year that ended in December.
New home closings represented 2 out of the 842 total closings, which is a smaller percentage than the 33 of 871 total closings a year earlier. Following a year-over-year increase in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes rose to $315,842 from last year's $259,953. This came after a 45.2% drop in December from a year earlier.
The average mortgage size on new homes was $233,500, up from $176,017. Average mortgage size on new homes went from $205,739 in December 2014 to $45,841 in December 2015.
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 1,553 square feet a year earlier to 1,825 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings accounted for 30.7% of existing home closings, up from 24.9% a year earlier. The percentage of existing home closings involving foreclosures went from 15.6% in January 2015 to 16.2% in January 2016 and REO closings as a percentage of existing home closings climbed to 14.5% from 9.3%.