Closings of new homes declined year-over-year in August in the Rochester, NY market, and the decline was by a larger percentage than the July 2015. New home closings moved from 48 a year earlier to 10 after the figure moved from 55 in July 2014 to 12 in July 2015.
A total of 283 new homes were sold during the 12 months that ended in August, down from 321 for the year that ended in July.
New home closings were 10 out of the 1,352 total closings, down on a percentage basis from 48 of 1,478 a year earlier. After rising year-over-year in July, closings of new and existing homes sank year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $177,813, down from $279,929 a year earlier. This followed a 28.9% drop in July from a year earlier.
The average mortgage size went down to $140,969 from $207,655 a year earlier. Average mortgage size on new homes went from $185,343 in July 2014 to $191,202 in July 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.
The average unit size of newly sold homes fell from 2,212 square feet a year earlier to 1,752 square feet.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 13.7% of existing home closings, higher than 11.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.5% in August from 5.9% a year earlier and REO closings moved from 5.5% of existing home closings in August 2014 to 6.3% in August 2015.