In March, the Poughkeepsie, NY market saw a decline year-over-year in new home closings, but the percentage decline was an improvement from February 2016, suggesting the market may be evening out. There was a 47.7% decline in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 48.9% drop year-over-year in February.
A total of 417 new homes were sold during the 12 months that ended in March, down from 438 for the year that ended in February.
New home closings made up 4.0% of overall housing closings. This is down from the 7.2% of closings a year earlier. Following a year-over-year increase in February, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 7.5% bump year-over-year in March to $393,098 per unit. This lift is better than the 2.7% boost in February year-over-year.
The average mortgage size on newly sold homes saw a gain year-over-year along with new home prices. The average mortgage size rose to $332,559 in March, marking a 13.2% hike compared with a year earlier. In February 2016, average mortgage size on newly sold homes saw a 12.7% boost year-over-year 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 rose from 47.7% in March 2015 to 69.6% of closings in March 2016. Meanwhile, attached units as a percentage of all new home closings slid to 30.4% of closings from 52.3% of closings.
There was a 1.5% decline year-over-year in the average unit size of newly sold homes to 2,031 square feet in March 2016. This drop was opposite the price bump, a pattern also seen in February 2016 when the average size of newly sold homes fell 4.2% to 2,014 square feet. The average size of newly sold homes moved from 2,103 square feet in February 2015 to 2,014 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to increase in March from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings represented 42.4% of existing home closings, above 40.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 20.9% in March from 23.5% a year earlier while REO closings as a percentage of existing home closings climbed to 21.5% from 17.0%.