In August, the Rochester, NY market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the July 2015. New home closings moved from 48 a year earlier to 10 after the figure moved from 55 in July 2014 to 12 in July 2015.
A total of 283 new homes were sold during the 12 months that ended in August, down from 321 for the year that ended in July.
Last year, 48 of 1,478 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 1,352 total closings. Following a year-over-year increase in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $177,813, down from last year's $279,929. This followed a 28.9% decline in July from a year earlier.
There was a decline in average mortgage size on new homes, going from $207,655 last year to $140,969 in August 2015. Average mortgage size on new homes went from $185,343 in July 2014 to $191,202 in July 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 2,212 square feet a year earlier to 1,752 square feet.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 13.7% of existing home closings, higher than 11.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.5% in August from 5.9% a year earlier and REO closings moved from 5.5% of existing home closings in August 2014 to 6.3% in August 2015.