New York, NY - Local Housing Data - Summary

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New York, NY Local News

  • In Through the Poor Door

    A separate entrance for cheaper units--hardly unheard of in Manhattan real estate--is in part a consequence of the very inclusionary policies that New York is trying to enforce.

  • It's All About the Hunt

    Wired's Issie Lapowsky takes a look at investors pouring millions into Urban Compass, a New York City-based startup that offers an antidote to Craigslist chaos in finding places to rent or buy.

  • Where the Wealthy Move From NYC

    CityLab's Sam Sturgis looks at data from New York City's Independent Budget Office that show that the Big Apple's richest people don't stray far when they move from the city. Which is good for companies like Toll Brothers.

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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