Home Closings and Prices Decrease in New York - July 2014
Posted on: Jul 08, 2014 07:02:30 AM
New home closings declined year-over-year in March in the New York, NY market, but with a percentage fall less steep than February 2014, there are signs the market may be evening out. Closings sank 29.5% from a year earlier to 419. This followed a 30.1% drop year-over-year in February.
A total of 7,294 new homes were sold during the 12 months that ended in March, down from 7,469 for the year that ended in February.
As a percentage of overall housing closings, new home closings accounted for 4.6%. This is a fall 6.2% of closings a year earlier. After rising year-over-year in February, closings of new and existing homes dropped year-over-year in March.
Pricing and Mortgage Trends
In March, there was a 19.9% drop year-over-year in the average per-unit price of newly sold homes, settling at $582,726. This drop compares to a 9.8% surge in February year-over-year.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. Average mortgage size dropped by 22.4% from a year earlier, settling at $398,460 in March. Average mortgage size grew 3.3% in February 2014 from a year earlier.