New home closings declined year-over-year in March in the Albany, NY market, but the decline was less than the year-over-year decline in February. New home closings moved from 36 a year earlier to 17 after the figure moved from 38 in February 2015 to 13 in February 2016.
A total of 417 new homes were sold during the 12 months that ended in March, down from 436 for the year that ended in February.
Out of all housing closings, new home closings made up 1.9%. This is a fall 5.1% of closings a year earlier. Following a year-over-year increase in February, closings of new and existing homes also grew year-over-year in March.
Pricing and Mortgage Trends
In March, the average price for new home closings was $380,751, a 1.2% fall from last year. This drop is a drop off from the 20.5% decline in February from a year earlier.
For newly sold homes, average mortgage size moved from $310,706 in March 2015 to $313,164 in March 2016. Average mortgage size on new homes went from $286,488 in February 2015 to $244,903 in February 2016.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes rose from 83.3% in March 2015 to 94.1% of closings in March 2016. At the same time, the share of new home closings belonging to attached units declined to 5.9% of closings from 16.7% of closings.
The average unit size of newly sold homes increased 5.8% year-over-year to 2,418 square feet in March 2016. The average size of newly sold homes moved from 2,232 square feet in February 2015 to 1,612 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 27.2% of existing home closings, higher than 24.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 12.2% in March from 15.2% a year earlier while REO closings as a percentage of existing home closings increased to 15.0% from 8.9%.