In the Rochester, NY market in July, new home closings slid year-over-year, and the decline was by a larger percentage than the June 2015. New home closings moved from 55 a year earlier to 11 after the figure moved from 42 in June 2014 to 13 in June 2015.
A total of 318 new homes were sold during the 12 months that ended in July, down from 362 for the year that ended in June.
New home closings represented 11 out of the 1,638 total closings, which is a smaller percentage than the 55 of 1,572 total closings a year earlier. Closings of new and existing homes increased year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $202,872, down from last year's $268,176. This came after a 9.5% fall in June from a year earlier.
From the year-ago figure of $185,343, the average mortgage size on new homes moved up to $191,202. Average mortgage size on new homes went from $188,838 in June 2014 to $133,210 in June 2015.
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 1,905 square feet a year earlier to 1,344 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 11.1% of existing home closings, down from 12.0% a year earlier. The percentage of existing home closings involving foreclosures went from 7.1% in July 2014 to 6.5% in July 2015 and REO closings moved from 4.9% of existing home closings in July 2014 to 4.5% in July 2015.