In June, there was a fall year-over-year in new home closings in the Rochester, NY market, and the decline was by a larger percentage than the May 2015. New home closings moved from 42 a year earlier to 13 after the figure moved from 34 in May 2014 to 15 in May 2015.
A total of 360 new homes were sold during the 12 months that ended in June, down from 389 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 0.8% from 2.9% a year earlier. After remaining steady in May from a year earlier, closings of new and existing homes grew in June.
Pricing and Mortgage Trends
The average new home price was $224,148, down from $247,555 a year earlier. This was on the heels of a 13.9% fall in May from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $188,838 to $133,210. In May 2015, average mortgage size dropped 22.9% from a year earlier.
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 1,982 square feet a year earlier to 1,699 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 12.5% of existing home closings, up from 11.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.6% in June from 6.8% a year earlier while REO closings as a percentage of existing home closings increased to 7.0% from 4.5%.