New Home Sales and Prices Fall in Albany According to Newest Data
Posted on: May 06, 2013 07:00:44 AM
In the Albany, NY market in January, closings of new homes declined year-over-year, but the percentage fall was an improvement from December 2012, suggesting the market may be leveling out. Closings slumped 48.9% from a year earlier to 24, compared with a 55.9% drop in December from the year earlier.
A total of 520 new homes were sold during the 12 months that ended in January, down from 543 for the year that ended in December.
Compared to a year earlier, new home closings reflected 6.7% of overall housing closings, down from 8.4% last year. Following a year-over-year decline in December, closings of new and existing homes also slid year-over-year in January.
Pricing and Mortgage Trends
The average per-unit value of new homes declined year-over-year to $334,376 in January, a decline of 9.3% from a year earlier. This decline is larger than the 1.1% decline in December from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. Average mortgage size dropped by 18.8% from a year earlier, settling at $238,110 in January. In December 2012, average mortgage size on newly sold homes saw a 7.8% rise year-over-year from a year earlier. Of the overall sale price, the percentage that was being financed fell 8.3 percentage points year-over-year to 71.2% in January 2013. In December 2012, there was a 6.5 percentage point rise from a year earlier.