In the Poughkeepsie, NY market in December, closings of new homes sank year-over-year, and there were hints of worsening market conditions as the percentage decline was steeper than November 2015. Closings slumped 53.7% from a year earlier to 25. This was after the housing market saw a 43.2% fall year-over-year in November.
A total of 413 new homes were sold during the 12 months that ended in December, down from 442 for the year that ended in November.
New home closings represented 3.1% of overall housing closings. This is down from the a year earlier when new home closings accounted for 7.3% of total closings. For new and existing homes, closings rose year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $372,852 in December 2015 from $374,201 in December 2014. This came after a move from $366,687 per unit in November 2014 to $368,430 in November 2015.
Average mortgage size on new homes went from $298,852 in December 2014 to $295,958 in December 2015. In November 2015, average mortgage size on newly sold homes saw a 2.4% drop from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings gained from half of new closings in December 2014 to 64.0% of closings in December 2015. At the same time, the share of new home closings belonging to attached units fell to 36.0% of closings from half of closings.
The average unit size of newly sold homes went from 2,230 square feet in December 2014 to 2,221 square feet in December 2015. In November 2015, the average size of newly sold homes declined 13.6% from the year earlier. The average size of newly sold homes moved from 2,003 square feet in November 2014 to 1,731 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to rise in December from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings made up 35.8% of existing home closings, up from 33.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 20.5% in December from 22.5% a year earlier while REO closings as a percentage of existing home closings climbed to 15.3% from 11.4%.