In the New York, NY market, new home closings dropped year-over-year in October, and the market seemed to be worsening in light of the percentage decline steeper than September 2015. Closings sank 40.3% from a year earlier to 368. This came on the heels of a 30.7% fall year-over-year in September.
A total of 5,187 new homes were sold during the 12 months that ended in October, down from 5,435 for the year that ended in September.
As a percentage of overall housing closings, new home closings represented 2.9%. This is a fall 4.4% of closings a year earlier. For new and existing homes, closings slid in October after also declining in September year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $739,532 per unit in October, up 6.2%from a year earlier. This hike compares to a 8.0% drop in September from a year earlier.
Average mortgage size on new homes rose year-over-year along with new home prices. In October 2015, the average mortgage size was $479,031, a 16.1% bump from a year earlier. Average mortgage size grew 7.6% in September 2015 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes increased from 45.5% in October 2014 to 46.7% of closings in October 2015. Meanwhile, attached units as a percentage of all new home closings fell to 53.3% of closings from 54.5% of closings.
For all new homes sold, the average unit size fell 14.8% year-over-year to 1,773 square feet in October 2015. In September, the average size of new homes sold went from 2,195 square feet a year earlier to 1,884 square feet.
Foreclosures and real estate owned (REO) closings remaining level in October from a year earlier and did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 14.9% of closings, relatively unmoved from a year earlier The percentage of existing home closings involving foreclosures went from 8.9% in October 2014 to 8.2% in October 2015 and REO closings moved from 6.0% of existing home closings in October 2014 to 6.6% in October 2015.