New home closings in the Kingston, NY market stayed the same year-over-year in August, remaining level after showing little movement in July from the year earlier. Closings remained steady at 1 from a year earlier after being level at 1 in July from the year earlier.
New home closings were 1 out of the 235 total closings, same on a percentage basis as a year earlier. Following a year-over-year increase in July, closings of new and existing homes also grew year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $290,000, down from $363,950 a year earlier. This was on the heels of a 43.4% fall in July from a year earlier.
From the year-ago figure of $210,000, the average mortgage size on new homes moved up to $274,000. Average mortgage size on new homes went from $293,830 in July 2014 to $178,590 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 23.9% of closings, below 35.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.1% in August from 12.9% a year earlier while REO closings as a percentage of existing home closings sank to 9.8% from 22.4% a year earlier.