In December, there was a drop year-over-year in new home closings in the Rochester, NY market, but the decline was less than the year-over-year decline in November. New home closings moved from 35 a year earlier to 9 after the figure moved from 34 in November 2014 to 3 in November 2015.
A total of 139 new homes were sold during the 12 months that ended in December, down from 165 for the year that ended in November.
New home closings represented 9 out of the 1,164 total closings, which is a smaller percentage than the 35 of 1,108 total closings a year earlier. After staying stable in November from a year earlier, closings of new and existing homes jumped in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $169,432, compared with $287,465 last year. This came after a 26.9% drop in November from a year earlier.
There was a decline in average mortgage size on new homes, going from $208,569 last year to $45,841 in December 2015. Average mortgage size on new homes went from $229,307 in November 2014 to $172,157 in November 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 1,998 square feet a year earlier to 1,570 square feet.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 20.3% of existing home closings, higher than 18.5% a year earlier. The percentage of existing home closings involving foreclosures went from 11.4% in December 2014 to 10.8% in December 2015 and REO closings as a percentage of existing home closings rose to 9.4% from 7.1%.