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Albany, NY Local News

Albany, NY - Recent Figures for New Home Sales Suggest Climb Gaining Steam

Posted on: May 06, 2012 09:10:25 AM

In the Albany, NY market, sales of new homes climbed year-over-year in January, and there were signals of strengthening market conditions as the percentage hike was an greater than December 2011. New home sales saw a hike of 84.0% from the year earlier to 46. This followed a 3.2% rise year-over-year in December.

A total of 593 new homes were sold during the 12 months that ended in January, up from 572 for the year that ended in December.

New home sales accounted for 8.6% of overall housing sales. This is up from the 4.9% of sales a year earlier. After dropping in December from a year earlier, sales of new and existing homes increased year-over-year in January.

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Pricing and Mortgage Trends

Average price of newly sold homes saw a 13.2% boost year-over-year in January to $362,189 per unit. This is an about-face from the 6.6% decline in December from a year earlier.

For newly sold homes, the average mortgage size fell year-over-year in contrast to average price of new homes. In January 2012, the average mortgage size on newly sold homes saw a 2.1% decline from a year earlier. In December 2011, average mortgage size on newly sold homes saw a 12.8% decline from a year earlier. The overall percentage of sale price that was being financed declined 12.3 percentage points year-over-year to 78.8% in January 2012.

 
 
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