New York, NY - Local Housing Data - Summary

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New York, NY Local News

  • FAA Goes After the Outlaw Drones

    Inman New's Teke Wiggin reports that the Federal Aviation Administration (FAA) has subpoenaed Brown Harris Stevens, a brokerage with offices in New York City, the Hamptons and Palm Beach, Florida, for information about how the company uses drones for marketing purposes.

  • Why Per-Square-Foot Price on Big Units Is Trending Up

    A square foot of living space is not what it used to be. Why can builders price higher per square foot on bigger places than they used to? BUILDER's John McManus has this analysis.

  • Building and Buying in the Country's Richest Counties

    A closer look at the housing markets making up America's top 10 richest counties. Based on the building and buying in what are mostly booming submarkets, it looks like status quo for builders to follow the money, especially if it's federal.

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.

 
 
 

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