In the Rochester, NY market, closings of new homes slid year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 24 a year earlier to 10 after the figure moved from 27 in March 2015 to 15 in March 2016.
A total of 424 new homes were sold during the 12 months that ended in April, down from 438 for the year that ended in March.
New home closings represented 10 out of the 1,015 total closings, which is a smaller percentage than the 24 of 1,081 total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $235,401, compared with $305,475 last year. This followed a 10.5% bump in March year-over-year.
The average mortgage size on new homes was $269,475, up from $239,666. Average mortgage size increased 17.2% in March 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 rose from 2,111 square feet a year earlier to 2,202 square feet.
Combined, foreclosures plus REO closings represented 20.4% of existing home closings. In April 2015, they accounted for 20.3%. The percentage of existing home closings involving foreclosures declined to 9.5% in April from 12.2% a year earlier while REO closings as a percentage of existing home closings rose to 10.9% from 8.1%.