In July, the Poughkeepsie, NY market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the June 2015. New home closings moved from 57 a year earlier to 8 after the figure moved from 46 in June 2014 to 31 in June 2015.
A total of 469 new homes were sold during the 12 months that ended in July, down from 518 for the year that ended in June.
New home closings represented 8 out of the 585 total closings, which is a smaller percentage than the 57 of 791 total closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes fell year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $331,273, down from $375,300 a year earlier. This followed a 4.0% decline in June from a year earlier.
Average mortgage size on new homes went from $263,483 a year earlier to $290,453. Average mortgage size sank 13.4% in June 2015 from a year earlier.
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 2,177 square feet a year earlier to 1,574 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in July from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings represented 29.3% of existing home closings, above 26.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.6% in July from 18.3% a year earlier while REO closings as a percentage of existing home closings jumped to 13.7% from 8.2%.