New Home Closings and Prices in Albany Gain According to Latest Figures
Posted on: Apr 06, 2014 07:00:42 AM
There was an increase in new home closings in the Albany, NY market in December year-over-year, but with a less pronounced percentage gain than November 2013, there are suggestions of market stabilization. Closings increased 8.7% from a year earlier to 50. This came after a 28.9% jump year-over-year in November.
A total of 486 new homes were sold during the 12 months that ended in December, up from 482 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 6.4% of overall housing closings. A year ago, new home closings represented 6.8%. Closings of new and existing homes gained year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
In December, there was a 22.2% rise year-over-year in the average price of newly sold homes, reaching $388,996 per unit. This hike compares to a 2.4% decline in November from a year earlier.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. It jumped to $297,697 in December, a 11.1% boost. Average mortgage size slid 4.7% in November 2013 from a year earlier.