In the Poughkeepsie, NY market, closings of new homes declined year-over-year in August, but the fall in percentage terms was not as steep as July 2015, signaling market improvement. There was a 44.2% drop in new home closings from a year earlier. This was after the housing market saw a 56.1% decline year-over-year in July.
A total of 493 new homes were sold during the 12 months that ended in August, down from 512 for the year that ended in July.
As a percentage of overall housing closings, new home closings made up 3.2%. This is down from the 5.7% of closings a year earlier. Closings of new and existing homes fell year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
In August, the average price of newly sold homes climbed year-over-year to $380,501 per unit, a 4.0% boost. This rise is an improvement over the 1.7% hike in July year-over-year.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. In August 2015, there was a 1.7% hike in the average mortgage size, reaching $303,401. In July 2015, average mortgage size rose 9.3% from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes jumped from 46.5% in August 2014 to 79.2% of closings in August 2015. Meanwhile, attached units as a percentage of all new home closings fell to 20.8% of closings from 53.5% of closings.
There was a 4.1% drop year-over-year in the average unit size of newly sold homes to 2,257 square feet in August 2015. For newly sold homes, an average size drop contrasting with an average price lift was also seen in July 2015 when the average size of newly sold homes dropped 23.6% to 1,664 square feet. The average size of newly sold homes moved from 2,177 square feet in July 2014 to 1,664 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to rise in August from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings made up 30.8% of existing home closings, above 24.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 14.0% in August from 17.0% a year earlier while REO closings as a percentage of existing home closings grew to 16.8% from 7.9%.