In the Albany, NY market, new home closings slid year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 41 a year earlier to 11 after the figure moved from 27 in July 2014 to 10 in July 2015.
A total of 196 new homes were sold during the 12 months that ended in August, down from 226 for the year that ended in July.
New home closings were 11 out of the 958 total closings, down on a percentage basis from 41 of 1,204 a year earlier. Following a year-over-year increase in July, closings of new and existing homes fell year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes sold in August 2015 remained steady from a year earlier at $407,955. This was on the heels of a 17.9% drop in July from a year earlier.
The average mortgage size went down to $265,922 from $317,823 a year earlier. Average mortgage size on new homes went from $309,002 in July 2014 to $191,522 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 2,259 square feet a year earlier to 1,639 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. Together, foreclosures plus REO closings accounted for 17.8% of existing home closings, up from 14.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.8% in August from 5.7% a year earlier and REO closings moved from 8.5% of existing home closings in August 2014 to 8.0% in August 2015.