Latest Figures Show New Home Sales and Prices Drop in New York
Posted on: Mar 06, 2014 07:30:09 AM
The New York, NY market saw a drop in new home closings year-over-year in November, a downhill move after a bump in October 2013. New home closings saw a 13.0% decline from a year earlier to 547. This was after the housing market saw a 39.6% hike year-over-year in October.
A total of 7,604 new homes were sold during the 12 months that ended in November, down from 7,686 for the year that ended in October.
As a percentage of overall housing closings, new home closings accounted for 5.2%. This is a decline 7.4% of closings a year earlier. For new and existing homes, closings increased year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes declined by 2.6% year-over-year to $594,457 per unit in November. This decline compares to a 16.2% gain in October year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size dropped 4.4% to $422,776 in November from a year earlier. Average mortgage size rose 3.0% in October 2013 from a year earlier.