Newest Numbers Show Prices of New Homes Rise in Albany, Sales Decrease
Posted on: Dec 06, 2013 07:00:45 AM
Closings of new homes slid year-over-year in August in the Albany, NY market, and the percentage decline, which was steeper than July 2013, gave signs of weakening market conditions. There was a 22.4% fall in new home closings from a year earlier. This came on the heels of a 5.1% decline year-over-year in July.
A total of 457 new homes were sold during the 12 months that ended in August, down from 470 for the year that ended in July.
As a percentage of overall housing closings, new home closings accounted for 5.6% of overall housing closings. They made up 5.0% of closings a year earlier. For new and existing homes, closings fell in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $374,008 per unit in August, up 2.5%from a year earlier. This boost compares to a 2.3% drop in July from a year earlier.
Average mortgage size on new homes slid year-over-year in contrast to new home prices. In August 2013, average mortgage size on new homes sold was $255,180, down 10.2% from a year earlier. In July 2013, average mortgage size on newly sold homes saw a 2.1% surge year-over-year from a year earlier.