In December, there was a decline year-over-year in new home closings in the New York, NY market, but the fall in percentage terms was not as steep as November 2015, signaling that the market may be leveling out. New home closings saw a fall of 19.4% from the year earlier to 400. This followed a 24.7% drop year-over-year in November.
A total of 5,246 new homes were sold during the 12 months that ended in December, down from 5,342 for the year that ended in November.
Of the total number of closings, new home closings made up 3.2%. New home closings were 3.7% of overall closings last year. Closings of new and existing homes fell year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes slid year-over-year to $632,775 per unit, marking a 19.8% fall from the year-earlier figure. This drop compares to a 7.9% gain in November year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It slid to $424,684 in December, a 12.4% drop. In November 2015, average mortgage size gained 13.3% from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. Attached unit closings grew from 47.2% of all closings in December 2014 to 58.2% of closings in December 2015. Meanwhile, single-family home closings as a percentage of all new home closings sank to 41.8% of closings from 52.8% of closings.
The average unit size of newly sold homes fell 3.0% year-over-year to 1,903 square feet in December 2015. The average size of newly sold homes moved from 1,957 square feet in November 2014 to 2,313 square feet in November 2015.
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. Combined, foreclosures plus REO closings represented 15.8% of existing home closings, above 14.0% a year earlier. The percentage of existing home closings involving foreclosures went from 8.2% in December 2014 to 8.4% in December 2015 and REO closings as a percentage of existing home closings increased to 7.4% from 5.8%.