In the Albany, NY market in October, new home closings slid year-over-year, but the decline was less than the year-over-year decline in September. New home closings moved from 26 a year earlier to 13 after the figure moved from 35 in September 2014 to 10 in September 2015.
A total of 185 new homes were sold during the 12 months that ended in October, down from 198 for the year that ended in September.
New home closings were 2.5% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 13 of the 1,014 total closings. After rising year-over-year in September, closings of new and existing homes declined year-over-year in October.
Pricing and Mortgage Trends
The average per-unit price of new homes was $354,031, compared with $386,755 last year. This was on the heels of a 8.5% rise in September year-over-year.
Average mortgage size on new homes rose from $299,990 to $331,712. Average mortgage size on new homes went from $238,451 in September 2014 to $319,175 in September 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 2,245 square feet a year earlier to 1,447 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.7% of existing closings, lower than 17.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.5% in October from 9.3% a year earlier while REO closings as a percentage of existing home closings fell to 6.2% from 7.6% a year earlier.