Latest Figures Show New Home Sales and Prices Decline in New York
Posted on: Dec 06, 2013 07:33:23 AM
In August, the New York, NY market saw a decline year-over-year in new home closings, and with a percentage decline steeper than July 2013, there were suggestions the market may be worsening. Closings sank 29.5% from a year earlier to 665. This was after the housing market saw a 25.0% fall year-over-year in July.
A total of 7,252 new homes were sold during the 12 months that ended in August, down from 7,530 for the year that ended in July.
Out of all housing closings, new home closings made up 4.8%. This is down from the 7.5% of closings a year earlier. Closings of new and existing homes increased year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes slid by 18.3% year-over-year to $569,610 per unit in August. This fall is larger than the 14.1% decline in July from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It slid to $384,574 in August, a 18.5% drop. In July 2013, average mortgage size sank 8.1% from a year earlier.