New home closings in the New York, NY market fell year-over-year in June, but there were hints of market improvement with a percentage fall less steep than in May 2015. New home closings saw a drop of 31.7% from the year earlier to 382. This came on the heels of a 38.9% fall year-over-year in May.
A total of 5,040 new homes were sold during the 12 months that ended in June, down from 5,217 for the year that ended in May.
Out of all housing closings, new home closings represented 2.8%. This is down from the 3.8% of closings a year earlier. Closings of new and existing homes dropped year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes slid 2.4% year-over-year in June to $577,802 per unit. This decline compares to a 1.4% bump in May year-over-year.
For newly sold homes, the average mortgage size rose year-over-year in contrast to new home prices. In June 2015, there was a 10.5% surge in the average mortgage size, reaching $441,245. In May 2015, average mortgage size on newly sold homes saw a 2.2% gain year-over-year 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 grew from 51.3% of all closings in June 2014 to 54.7% of closings in June 2015. Meanwhile, single-family home closings as a percentage of all new home closings fell to 45.3% of closings from 48.7% of closings.
For all new homes sold, the average unit size sank 3.8% year-over-year to 2,200 square feet in June 2015. The average size of newly sold homes moved from 2,224 square feet in May 2014 to 1,806 square feet in May 2015.
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. Foreclosures and REO closings, taken together, accounted for 12.7% of existing home closings, higher than 12.0% a year earlier. The percentage of existing home closings involving foreclosures went from 7.5% in June 2014 to 6.8% in June 2015 and REO closings as a percentage of existing home closings increased to 5.9% from 4.5%.