Closings of new homes in the Kingston, NY market saw no change year-over-year in August, showing little movement after little change in July from the year earlier. Closings were unchanged at 1 from a year earlier after remaining steady at 1 in July from the year earlier.
Out of the 235 total closings, 1 were new home closings. This is consistent on a percentage basis with a year earlier. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $290,000, down from last year's $363,950. This came after a 43.4% fall in July from a year earlier.
Average mortgage size on new homes rose from $210,000 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 drop from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 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.