New Home Prices Gain in New York According to Newest Figures, Sales Drop
Posted on: May 06, 2013 07:26:05 AM
Closings of new homes in the New York, NY market sank year-over-year in January, and the percentage drop was steeper than December 2012. New home closings saw a 44.1% drop from a year earlier to 476. In comparison, new home closings in the same month last year saw a 38.6% decline year-over-year in December.
A total of 9,237 new homes were sold during the 12 months that ended in January, down from 9,612 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 6.6%, down from the 12.2% of closings a year earlier. Closings of new and existing homes increased year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
For newly sold homes, there was a 14.9% gain year-over-year of average price in January, moving to $664,162. This rise is a reversal from a 3.9% decline in December from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2013, the average mortgage size was $483,483, up 25.6% from a year earlier. In December 2012, average mortgage size on newly sold homes saw a 7.8% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed rose 6.2 percentage points year-over-year to 72.8% in January 2013.