New home closings in the Rochester, NY market sank year-over-year in October, and the decline was by a larger percentage than the September 2015. New home closings moved from 65 a year earlier to 8 after the figure moved from 41 in September 2014 to 7 in September 2015.
A total of 194 new homes were sold during the 12 months that ended in October, down from 251 for the year that ended in September.
Last year, 65 of 1,376 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 1,363 total closings. Closings of new and existing homes remained steady in October after rising in September year-over-year.
Pricing and Mortgage Trends
The average new home price was $243,389, down from $275,869 a year earlier. This came after a 1.4% drop in September from a year earlier.
Average mortgage size on new homes fell from $204,176 to $170,678. Average mortgage size on new homes went from $204,536 in September 2014 to $427,000 in September 2015.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold.
The average unit size of newly sold homes fell from 2,169 square feet a year earlier to 2,094 square feet.
Foreclosures and real estate owned (REO) closings increased in October from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 15.9% of existing home closings, up from 13.5% a year earlier. The percentage of existing home closings involving foreclosures went from 8.1% in October 2014 to 7.5% in October 2015 and REO closings as a percentage of existing home closings rose to 8.5% from 5.4%.