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New York, NY - Latest New Home Sales Increase Year-Over-Year in October After Falling Year-Over-Year in September

Posted on: Feb 06, 2012 09:33:07 AM

The New York, NY market saw an increase in sales of new homes in October year-over-year, recovering from a fall in September 2011. New home sales saw a rise of 2.1% from the year earlier to 790. This was after the housing market saw a 16.6% decline year-over-year in September.

A total of 10,582 new homes were sold during the 12 months that ended in October, up from 10,566 for the year that ended in September.

Of 7,318 total sales, 790 were of new homes. This is an increase on a percentage basis, as new home sales were 9.0% of total sales a year ago. Following a year-over-year decline in September, sales of new and existing homes also fell year-over-year in October.

Pricing and Mortgage Trends

In October, the average price of newly sold homes declined year-over-year to $575,023 per unit, a 13.0% decline. The drop is a downward shift from a 5.1% rise in September year-over-year.

For newly sold homes, the average mortgage size dipped year-over-year in contrast to average price of new homes. It declined to $412,875 in October, a 7.5% decline. Average mortgage size rose 7.2% in September 2011 from a year earlier. For new home sales, the percentage of the sale price that was being financed increased 4.3 percentage points year-over-year to 71.8% in October 2011.

Other Market Trends

The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. The share of new home sales belonging to single-family homes rose from 43.5% in October 2010 to 51.8% of sales in October 2011. Conversely, the share of new home sales belonging to attached units slipped to 48.2% of sales from 56.5% of sales.

There was a 33.5% fall year-over-year in the average unit size of newly sold homes to 1,646 square feet in October 2011. A drop was also seen in September 2011 when the average size of new homes sold slid 12.3% to 1,761 square feet.

Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Out of all existing home sales, foreclosures combined with REO sales made up 8.0% of sales. In October 2010, they represented 16.5%. The percentage of existing home sales involving foreclosures dipped to 2.8% in October from 7.8% a year earlier while REO sales as a percentage of existing home sales declined to 5.2% from 8.7% a year earlier.

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