In the Poughkeepsie, NY market, new home closings slid year-over-year in October, and the percentage drop was steeper than September 2015, giving suggestion the market may be worsening. Closings slid 57.1% from a year earlier to 24. This came after a 49.2% decline year-over-year in September.
A total of 447 new homes were sold during the 12 months that ended in October, down from 479 for the year that ended in September.
Out of all housing closings, new home closings made up 3.2%. This is a fall 7.1% of closings a year earlier. Following a year-over-year rise in September, closings of new and existing homes dropped year-over-year in October.
Pricing and Mortgage Trends
In October, there was a 1.9% hike year-over-year in the average price of newly sold homes, reaching $394,501 per unit. This surge is smaller than the 2.0% boost in September year-over-year.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. In October 2015, there was a 16.5% drop in the average mortgage size on new homes to $284,819. It went from $295,251 to $296,554 from September 2014 to September 2015.
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. Single-family home closings grew from 35.7% of new closings in October 2014 to 41.7% of closings in October 2015. At the same time, the share of new home closings belonging to attached units dropped to 58.3% of closings from 64.3% of closings.
For all new homes sold, the average unit size gained 11.6% year-over-year to 2,326 square feet in October 2015. The average size of newly sold homes moved from 1,978 square feet in September 2014 to 1,912 square feet in September 2015.
Foreclosures and real estate owned (REO) closings continued to rise in October from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings represented 30.1% of existing home closings, above 29.1% a year earlier. The percentage of existing home closings involving foreclosures went from 18.7% in October 2014 to 18.1% in October 2015 and REO closings as a percentage of existing home closings jumped to 11.9% from 10.4%.