New home closings in the Albany, NY market dropped year-over-year in October, but the decline was less than the year-over-year decline in September. New home closings moved from 26 a year earlier to 13 after the figure moved from 35 in September 2014 to 10 in September 2015.
A total of 185 new homes were sold during the 12 months that ended in October, down from 198 for the year that ended in September.
New home closings represented 13 out of the 1,014 total closings, which is a smaller percentage than the 26 of 1,034 total closings a year earlier. After rising year-over-year in September, closings of new and existing homes slid year-over-year in October.
Pricing and Mortgage Trends
The average value of newly sold homes in October 2015 was $354,031, down from last year's $386,755. This came after a 8.5% surge in September year-over-year.
From the year-ago figure of $299,990, the average mortgage size on new homes moved up to $331,712. Average mortgage size on new homes went from $238,451 in September 2014 to $319,175 in September 2015.
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.
The average unit size of newly sold homes fell from 2,245 square feet a year earlier to 1,447 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.7% of closings, below 17.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.5% in October from 9.3% a year earlier while REO closings as a percentage of existing home closings fell to 6.2% from 7.6% a year earlier.