In the Poughkeepsie, NY market in June, closings of new homes declined year-over-year, but compared with May 2015, the percentage decline was less steep, suggesting that the market may be evening out. There was a 43.5% drop in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 59.6% drop year-over-year in May.
A total of 499 new homes were sold during the 12 months that ended in June, down from 519 for the year that ended in May.
New home closings accounted for 3.5% of overall housing closings. This is a fall 6.9% of closings a year earlier. Following a year-over-year increase in May, closings of new and existing homes also gained year-over-year in June.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 10.2% fall year-over-year in June to $313,350 per unit. This decline compares to a 12.0% hike in May year-over-year.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. Average mortgage size slid by 13.4% from a year earlier, settling at $264,028 in June. Average mortgage size rose 18.5% in May 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have fallen. The share of new home closings belonging to attached units rose from 39.1% of closings in June 2014 to 76.9% of closings in June 2015. Meanwhile, single-family home closings as a percentage of all new home closings declined to 23.1% of closings from 60.9% of closings.
The average unit size of newly sold homes slid 8.0% year-over-year to 2,034 square feet in June 2015. In May, the average size of new homes sold went from 2,206 square feet a year earlier to 1,801 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in June from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, represented 32.1% of existing home closings, up from 26.6% a year earlier. The percentage of existing home closings involving foreclosures went from 18.3% in June 2014 to 17.6% in June 2015 and REO closings as a percentage of existing home closings gained to 14.5% from 8.3%.