In the Poughkeepsie, NY market in March, new home closings dropped year-over-year, but there were signs of market improvement with a percentage decline less steep than in February 2016. Closings declined 47.7% from a year earlier to 23. This came on the heels of a 48.9% fall year-over-year in February.
A total of 417 new homes were sold during the 12 months that ended in March, down from 438 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 4.0%. This is down from the a year earlier when new home closings accounted for 7.2% of total closings. Following a year-over-year rise in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year in March to $393,098 per unit, a rise of 7.5%. This gain is an improvement over the 2.7% bump in February year-over-year.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $332,559 in March, marking a 13.2% surge compared with a year earlier. In February 2016, average mortgage size jumped 12.7% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings climbed from 47.7% of new closings in March 2015 to 69.6% of closings in March 2016. Conversely, the share of new home closings belonging to attached units dropped to 30.4% of closings from 52.3% of closings.
The average unit size of newly sold homes sank 1.5% year-over-year to 2,031 square feet in March 2016. This drop was opposite the price lift, a pattern also seen in February 2016 when the average size of newly sold homes dropped 4.2% to 2,014 square feet. In February, the average size of new homes sold went from 2,103 square feet a year earlier to 2,014 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, made up 42.4% of existing home closings, higher than 40.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 20.9% in March from 23.5% a year earlier while REO closings as a percentage of existing home closings grew to 21.5% from 17.0%.