In the Albany, NY market in May, closings of new homes sank year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 43 a year earlier to 13 after the figure moved from 33 in April 2015 to 14 in April 2016.
A total of 373 new homes were sold during the 12 months that ended in May, down from 403 for the year that ended in April.
New home closings were 4.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 13 of the 991 total closings. Following a year-over-year increase in April, closings of new and existing homes also increased year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $348,904, down from last year's $386,448. This was on the heels of a 25.8% fall in April from a year earlier.
Average mortgage size on new homes fell from $319,899 to $311,480. Average mortgage size on new homes went from $305,584 in April 2015 to $296,637 in April 2016.
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 2,220 square feet a year earlier to 1,987 square feet.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 21.7% of existing home closings, above 17.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.0% in May from 9.5% a year earlier while REO closings as a percentage of existing home closings rose to 10.6% from 7.5%.