The Rochester, NY market saw a drop in new home closings year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 47 a year earlier to 8 after the figure moved from 39 in May 2015 to 6 in May 2016.
A total of 352 new homes were sold during the 12 months that ended in June, down from 391 for the year that ended in May.
New home closings were 2.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 8 of the 1,755 total closings. After rising year-over-year in May, closings of new and existing homes declined year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $305,662, up from $287,837 a year earlier. This was on the heels of a 2.1% hike in May year-over-year.
The average mortgage size went down to $208,254 from $213,112 a year earlier. Average mortgage size on new homes went from $231,671 in May 2015 to $220,223 in May 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,861 square feet a year earlier to 2,109 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 16.8% of existing home closings, up from 13.7% a year earlier. The percentage of existing home closings involving foreclosures went from 6.8% in June 2015 to 7.4% in June 2016 and REO closings as a percentage of existing home closings rose to 9.3% from 7.0%.