New home closings in the Albany, NY market sank year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 41 a year earlier to 11 after the figure moved from 27 in July 2014 to 10 in July 2015.

A total of 196 new homes were sold during the 12 months that ended in August, down from 226 for the year that ended in July.

New home closings were 3.4% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 11 of the 958 total closings. Following a year-over-year rise in July, closings of new and existing homes sank year-over-year in August.

Pricing and Mortgage Trends

The average price of new homes sold in August 2015 remained steady from a year earlier at $407,955. This followed a 17.9% fall in July from a year earlier.

There was a decline in average mortgage size on new homes, going from $317,823 last year to $265,922 in August 2015. Average mortgage size on new homes went from $309,002 in July 2014 to $191,522 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 2,259 square feet a year earlier to 1,639 square feet.

Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 17.8% of existing home closings, higher than 14.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.8% in August from 5.7% a year earlier and REO closings moved from 8.5% of existing home closings in August 2014 to 8.0% in August 2015.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Albany, NY area.