In the Poughkeepsie, NY market, new home closings dropped year-over-year in November, and there were signs of worsening market conditions as the percentage fall was steeper than October 2015. Closings slid 52.3% from a year earlier to 21. This was after the housing market saw a 44.6% fall year-over-year in October.
A total of 431 new homes were sold during the 12 months that ended in November, down from 454 for the year that ended in October.
As a percentage of overall housing closings, new home closings made up 3.6%. This is down from the a year earlier when new home closings made up 7.2% of total closings. Following a year-over-year rise in October, closings of new and existing homes sank year-over-year in November.
Pricing and Mortgage Trends
In November, the average price of newly sold homes stayed level year-over-year at $366,434 per unit. This comes after a 7.8% bump in October year-over-year.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. Average mortgage size dropped by 6.4% from a year earlier, settling at $277,753 in November. In October 2015, average mortgage size on newly sold homes saw a 15.7% drop from a year earlier.
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. Attached unit closings increased from 45.5% of all closings in November 2014 to 61.9% of closings in November 2015. Conversely, the share belonging to single-family homes sank to 38.1% of closings from 54.5% of closings.
There was a 20.7% decline year-over-year in the average unit size of newly sold homes to 1,588 square feet in November 2015. The average size of newly sold homes moved from 2,085 square feet in October 2014 to 2,414 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to rise in November from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings represented 33.3% of existing home closings, above 33.1% a year earlier. The percentage of existing home closings involving foreclosures went from 20.5% in November 2014 to 20.0% in November 2015 and REO closings moved from 12.6% of existing home closings in November 2014 to 13.3% in November 2015.