The Albany, NY market saw a drop in new home closings year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 28 a year earlier to 9 after the figure moved from 35 in May 2014 to 11 in May 2015.
A total of 230 new homes were sold during the 12 months that ended in June, down from 249 for the year that ended in May.
Last year, 28 of 1,038 total closings were new homes, and this percentage saw a decline as new home closings this year made up 9 of the 1,179 total closings. For new and existing homes, closings gained year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $396,144 from $363,320 a year ago. This was on the heels of a 13.4% fall in May from a year earlier.
Average mortgage size on new homes went from $232,173 a year earlier to $370,600. Average mortgage size on new homes went from $265,476 in May 2014 to $249,618 in May 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 2,136 square feet a year earlier to 1,962 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 16.9% of existing home closings, up from 12.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.9% in June from 6.2% a year earlier and REO closings moved from 6.5% of existing home closings in June 2014 to 6.0% in June 2015.