In the New York, NY market, new home closings slid year-over-year in November, but the market seemed to be suggesting improvement with a percentage fall less steep than in October 2015. There was a 33.7% drop in new home closings from a year earlier. This came after a 37.5% fall year-over-year in October.
A total of 5,217 new homes were sold during the 12 months that ended in November, down from 5,383 for the year that ended in October.
As a percentage of overall housing closings, new home closings represented 3.1%. This is a decline 4.3% of closings a year earlier. For new and existing homes, closings dropped in November after also declining in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 13.0% bump year-over-year to $766,583 per unit in November. This surge is better than the 5.2% rise in October year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. In November 2015, the average mortgage size was $504,545, a 16.6% bump from a year earlier. Average mortgage size climbed 15.1% in October 2015 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 49.8% of new home closings to half of closings while attached units have gone from 50.2% of closings to half of closings.
The average unit size of newly sold homes jumped 15.3% year-over-year to 2,257 square feet in November 2015. The average size of newly sold homes moved from 2,085 square feet in October 2014 to 1,790 square feet in October 2015.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 16.3% of existing home closings, up from 14.6% a year earlier. The percentage of existing home closings involving foreclosures went from 9.0% in November 2014 to 9.6% in November 2015 and REO closings as a percentage of existing home closings grew to 6.7% from 5.5%.