Recent Numbers Show Prices of New Homes Rise in New York, Sales Decrease
Posted on: Apr 06, 2014 07:29:48 AM
In the New York, NY market, closings of new homes sank year-over-year in December, and with a percentage fall steeper than November 2013, there were signals the market may be worsening. New home closings saw a 24.9% decline from a year earlier to 570. This came on the heels of a 9.5% decline year-over-year in November.
A total of 7,593 new homes were sold during the 12 months that ended in December, down from 7,782 for the year that ended in November.
New home closings made up 4.9% of overall housing closings. This is a drop 6.9% of closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also gained year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes grew year-over-year to $803,715 in December, up 40.0% from last year. This boost is an improvement over the 1.8% lift in November year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. In December 2013, the average mortgage size was $482,461, a 22.5% hike from a year earlier. It went from $442,171 to $445,947 from November 2012 to November 2013.