In the Poughkeepsie, NY market in May, closings of new homes declined year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 30 a year earlier to 12 after the figure moved from 50 in April 2015 to 24 in April 2016.
A total of 394 new homes were sold during the 12 months that ended in May, down from 412 for the year that ended in April.
New home closings were 4.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 12 of the 696 total closings. Closings of new and existing homes grew year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $325,902, compared with $377,080 last year. This followed a 8.5% gain in April year-over-year.
The average mortgage size moved to $262,502, down from last year's $300,153. In April 2016, average mortgage size on newly sold homes saw a 4.3% lift year-over-year from a year earlier.
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 fell from 2,137 square feet a year earlier to 1,728 square feet.
Foreclosures and real estate owned (REO) closings fell in May from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 37.9% of closings, below 38.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 18.4% in May from 23.3% a year earlier while REO closings as a percentage of existing home closings jumped to 19.4% from 15.1%.