New Home Prices Gain in New York According to Newest Figures, Sales Drop
Posted on: May 06, 2013 07:26:05 AM
Closings of new homes in the New York, NY market sank year-over-year in January, and the percentage drop was steeper than December 2012. New home closings saw a 44.1% drop from a year earlier to 476. In comparison, new home closings in the same month last year saw a 38.6% decline year-over-year in December.
A total of 9,237 new homes were sold during the 12 months that ended in January, down from 9,612 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 6.6%, down from the 12.2% of closings a year earlier. Closings of new and existing homes increased year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
For newly sold homes, there was a 14.9% gain year-over-year of average price in January, moving to $664,162. This rise is a reversal from a 3.9% decline in December from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2013, the average mortgage size was $483,483, up 25.6% from a year earlier. In December 2012, average mortgage size on newly sold homes saw a 7.8% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed rose 6.2 percentage points year-over-year to 72.8% in January 2013.
New Home Prices Gain in New York According to Newest Figures, Sales Drop
Posted on: May 06, 2013 07:26:05 AM
Closings of new homes in the New York, NY market sank year-over-year in January, and the percentage drop was steeper than December 2012. New home closings saw a 44.1% drop from a year earlier to 476. In comparison, new home closings in the same month last year saw a 38.6% decline year-over-year in December.
A total of 9,237 new homes were sold during the 12 months that ended in January, down from 9,612 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 6.6%, down from the 12.2% of closings a year earlier. Closings of new and existing homes increased year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
For newly sold homes, there was a 14.9% gain year-over-year of average price in January, moving to $664,162. This rise is a reversal from a 3.9% decline in December from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2013, the average mortgage size was $483,483, up 25.6% from a year earlier. In December 2012, average mortgage size on newly sold homes saw a 7.8% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed rose 6.2 percentage points year-over-year to 72.8% in January 2013.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units climbed from 39.4% of closings in January 2012 to 41.8% of closings in January 2013. At the same time, the share belonging to single-family homes declined to 58.2% of closings from 60.6% of closings.
For all new homes sold, the average unit size slid 29.1% year-over-year to 1,425 square feet in January 2013. For newly sold homes, an average size decline contrasting with an average price hike was also seen in December 2012 when the average size of newly sold homes fell 17.9% to 1,470 square feet.
Foreclosures and real estate owned (REO) closings did not appear to be dragging the market. Together, foreclosures plus REO closings made up 10.4% of existing home closings. They accounted for 14.7% in January 2012. The percentage of existing home closings involving foreclosures declined to 4.4% in January from 7.0% a year earlier while REO closings as a percentage of existing home closings slipped to 5.9% from 7.7% a year earlier.
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Source: Housing Intelligence