In the Poughkeepsie, NY market, new home closings sank year-over-year in May, 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.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 4.4% a year earlier. For new and existing homes, closings increased year-over-year in May after also increasing 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 came after a 8.5% bump in April year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $300,153 to $262,502. In April 2016, average mortgage size on newly sold homes saw a 4.3% boost 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. Combined, foreclosures plus REO closings made up 37.9% of existing home closings, below 38.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 18.4% in May from 23.3% a year earlier while REO closings as a percentage of existing home closings climbed to 19.4% from 15.1%.