In the Poughkeepsie, NY market in May, new home closings slid year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 30 a year earlier to 12 after the figure moved from 50 in April 2015 to 24 in April 2016.
A total of 394 new homes were sold during the 12 months that ended in May, down from 412 for the year that ended in April.
New home closings were 4.4% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 12 of the 696 total closings. Closings of new and existing homes jumped year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $325,902, down from last year's $377,080. This followed a 8.5% hike in April year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $300,153 to $262,502. In April 2016, average mortgage size on newly sold homes saw a 4.3% bump year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,137 square feet a year earlier to 1,728 square feet.
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 37.9% of existing home closings, down from 38.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 18.4% in May from 23.3% a year earlier while REO closings as a percentage of existing home closings rose to 19.4% from 15.1%.