New home closings sank year-over-year in November in the Albany, NY market, and the decline was by a larger percentage than the October 2015. New home closings moved from 28 a year earlier to 14 after the figure moved from 26 in October 2014 to 14 in October 2015.
A total of 172 new homes were sold during the 12 months that ended in November, down from 186 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 3.4% a year earlier. For new and existing homes, closings jumped year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $328,866, down from last year's $386,389. This came after a 8.7% drop in October from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $317,449 to $300,579. Average mortgage size on new homes went from $299,990 in October 2014 to $331,712 in October 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 rose from 1,850 square feet a year earlier to 2,407 square feet.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 22.0% of existing home closings, above 15.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.1% in November from 6.4% a year earlier while REO closings as a percentage of existing home closings dropped to 7.9% from 9.2% a year earlier.