Newest Figures Show New Home Sales and Prices Increase in Albany
Posted on: Jul 06, 2014 07:00:34 AM
The Albany, NY market saw a rise in new home closings in March year-over-year, rallying back from a decline in February 2014. There was a 39.3% rise in new home closings from a year earlier. This followed a 35.0% decline year-over-year in February.
A total of 515 new homes were sold during the 12 months that ended in March, up from 504 for the year that ended in February.
Of 616 total closings, 39 were of new homes. This marks a rise from 4.7% of total closings a year earlier. After dropping in February from a year earlier, closings of new and existing homes increased year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year in March to $366,040 per unit, a rise of 2.2%. This boost compares to a 7.8% decline in February from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It increased 10.6% in March from a year earlier to $293,840. In February 2014, average mortgage size on newly sold homes saw a 1.9% drop from a year earlier.