Closings of new homes dropped year-over-year in May in the Albany, NY market, and the decline was by a larger percentage than the April 2016. New home closings moved from 43 a year earlier to 13 after the figure moved from 33 in April 2015 to 14 in April 2016.
A total of 373 new homes were sold during the 12 months that ended in May, down from 403 for the year that ended in April.
New home closings were 4.5% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 13 of the 991 total closings. For new and existing homes, closings rose year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $348,904, compared with $386,448 last year. This came after a 25.8% decline in April from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $319,899 to $311,480. Average mortgage size on new homes went from $305,584 in April 2015 to $296,637 in April 2016.
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 2,220 square feet a year earlier to 1,987 square feet.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 21.7% of existing home closings, above 17.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.0% in May from 9.5% a year earlier while REO closings as a percentage of existing home closings grew to 10.6% from 7.5%.