In the Albany, NY market in February, new home closings fell year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 38 a year earlier to 12 after the figure moved from 43 in January 2015 to 18 in January 2016.
A total of 435 new homes were sold during the 12 months that ended in February, down from 461 for the year that ended in January.
New home closings represented 12 out of the 771 total closings, which is a smaller percentage than the 38 of 750 total closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also gained year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $310,534, down from last year's $380,794. This was on the heels of a move from $389,838 per unit in January 2015 to $393,713 in January 2016.
The average mortgage size moved to $246,475, down from last year's $286,488. Average mortgage size increased 7.5% in January 2016 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 2,232 square feet a year earlier to 1,612 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in February from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 30.2% of existing home closings, higher than 19.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.6% in February from 11.2% a year earlier while REO closings as a percentage of existing home closings jumped to 11.6% from 8.7%.