In the Albany, NY market, closings of new homes sank year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 23 a year earlier to 12 after the figure moved from 28 in November 2014 to 14 in November 2015.
A total of 161 new homes were sold during the 12 months that ended in December, down from 172 for the year that ended in November.
Last year, 23 of 902 total closings were new homes, and this percentage saw a decline as new home closings this year made up 12 of the 989 total closings. Following a year-over-year increase in November, closings of new and existing homes also climbed year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $326,548, down from last year's $404,195. This came after a 14.9% fall in November from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $294,462 to $264,729. Average mortgage size on new homes went from $317,449 in November 2014 to $300,579 in November 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.
Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 19.9% of existing home closings, higher than 15.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.8% in December from 8.4% a year earlier while REO closings as a percentage of existing home closings grew to 9.0% from 7.2%.