Newest Figures Show New Home Prices Climb, Sales Fall in Albany
Posted on: Aug 08, 2014 11:05:55 AM
The Albany, NY market saw a drop in new home closings year-over-year in April, and the decline was by a larger percentage than the March 2014. New home closings moved from 22 a year earlier to 4 after the figure moved from 18 in March 2013 to 5 in March 2014.
A total of 124 new homes were sold during the 12 months that ended in April, down from 142 for the year that ended in March.
New home closings represented 4 out of the 617 total closings, which is a smaller percentage than the 22 of 668 total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $455,128, an increase from $383,036 a year earlier. This was on the heels of a 10.8% boost in March year-over-year.
Average mortgage size on new homes increased to $349,500 from $289,695 last year. Average mortgage size on new homes went from $247,277 in March 2013 to $269,400 in March 2014.