New Home Sales Climb in Albany, Prices Drop According to Freshest Data
Posted on: Mar 06, 2014 07:00:38 AM
In November, closings of new homes grew year-over-year in the Albany, NY market, and the percentage hike was better than October 2013, suggesting the market may be strengthening. There was a 26.3% climb in new home closings from a year earlier. This was after the housing market saw a 22.4% jump year-over-year in October.
A total of 481 new homes were sold during the 12 months that ended in November, up from 471 for the year that ended in October.
New home closings represented 6.4% of overall housing closings. This is better than the 5.2% of closings a year earlier. For new and existing homes, closings gained year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
In November, the average per-unit price of new homes fell by 2.4% year-over-year to $360,583. This decline compares to a 7.1% gain in October year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size slid by 6.2% from a year earlier, settling at $292,291 in November. Average mortgage size increased 7.5% in October 2013 from a year earlier.