Closings of new homes dropped year-over-year in April in the Poughkeepsie, NY market, and the market seemed to be weakening with a percentage decline steeper than in March 2016. There was a 58.0% drop in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 34.1% decline year-over-year in March.
A total of 401 new homes were sold during the 12 months that ended in April, down from 430 for the year that ended in March.
New home closings made up 3.9% of overall housing closings. This is down from the 7.7% of closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 2.3% in April to $379,361 per unit. This gain is smaller than the 9.7% lift in March year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. The average mortgage size rose to $307,602 in April, marking a 4.3% gain compared with a year earlier. Average mortgage size rose 11.2% in March 2016 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings gained from 40.0% of all closings in April 2015 to 42.9% of closings in April 2016. Conversely, the share belonging to single-family homes declined to 57.1% of closings from 60.0% of closings.
There was a 24.0% drop year-over-year in the average unit size of newly sold homes to 1,671 square feet in April 2016. The average size of newly sold homes moved from 2,062 square feet in March 2015 to 2,214 square feet in March 2016.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 35.9% of closings, below 40.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 16.1% in April from 24.3% a year earlier while REO closings as a percentage of existing home closings jumped to 19.8% from 15.8%.