New Home Closings and Prices in New York Decline According to Freshest Figures
Posted on: Aug 08, 2014 11:39:04 AM
New home closings in the New York, NY market slid year-over-year in April, but the percentage fall was an improvement from March 2014, suggesting the market may be stabilizing. There was a 27.2% decline in new home closings from a year earlier. This came on the heels of a 33.3% drop year-over-year in March.
A total of 5,768 new homes were sold during the 12 months that ended in April, down from 5,915 for the year that ended in March.
Out of all housing closings, new home closings made up 3.9%. This is a drop 5.0% of closings a year earlier. Closings of new and existing homes declined year-over-year in April after remaning steady in March year-over-year.
Pricing and Mortgage Trends
In April, there was a 9.1% decline year-over-year in the average per-unit price of newly sold homes, settling at $600,024. This fall is a drop off from the 28.4% drop in March from a year earlier.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. In April 2014, the average mortgage size on newly sold homes saw a 15.3% drop from a year earlier. In March 2014, average mortgage size on newly sold homes saw a 28.9% decline from a year earlier.