Closings of new homes slid year-over-year in July in the Albany, NY market, but the decline was less than the year-over-year decline in June. New home closings moved from 27 a year earlier to 10 after the figure moved from 28 in June 2014 to 10 in June 2015.
A total of 214 new homes were sold during the 12 months that ended in July, down from 231 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 0.9% from 2.5% a year earlier. Following a year-over-year increase in June, closings of new and existing homes also rose year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $303,392, compared with $369,399 last year. This followed a 9.5% lift in June year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $309,002 to $191,522. Average mortgage size on new homes went from $232,173 in June 2014 to $370,784 in June 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 2,287 square feet a year earlier to 1,522 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 15.5% of existing home closings, down from 15.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.1% in July from 12.1% a year earlier while REO closings as a percentage of existing home closings grew to 5.4% from 3.8%.