In the Poughkeepsie, NY market, new home closings fell year-over-year in February, but compared with January 2016, the percentage fall was less steep, suggesting that the market may be evening out. New home closings saw a drop of 46.5% from the year earlier to 23. This came after a 54.1% drop year-over-year in January.
A total of 398 new homes were sold during the 12 months that ended in February, down from 418 for the year that ended in January.
Out of all housing closings, new home closings represented 3.5%. This is down from the a year earlier when new home closings made up 7.6% of total closings. Closings of new and existing homes jumped year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $363,997 in February 2015 to $360,534 in February 2016. This was on the heels of a 15.2% hike in January year-over-year.
Average mortgage size on new homes gained year-over-year in contrast to new home prices. It climbed to $290,090 in February, a 8.0% gain. In January 2016, average mortgage size on newly sold homes saw a 17.3% hike year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes increased from 44.2% in February 2015 to 52.2% of closings in February 2016. Conversely, the share of new home closings belonging to attached units sank to 47.8% of closings from 55.8% of closings.
There was a 12.6% fall year-over-year in the average unit size of newly sold homes to 1,955 square feet in February 2016. The average size of newly sold homes moved from 2,248 square feet in January 2015 to 1,901 square feet in January 2016.
Foreclosures and real estate owned (REO) closings continued to increase in February from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings represented 39.0% of existing home closings, up from 38.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 19.2% in February from 21.7% a year earlier while REO closings as a percentage of existing home closings jumped to 19.8% from 17.0%.