New Home Closings in Poughkeepsie Increase, Prices Drop According to Freshest Figures
Posted on: Apr 06, 2014 07:33:54 AM
In the Poughkeepsie, NY market in December, new home closings grew year-over-year, snapping back from a drop in November 2013. New home closings saw a 18.6% rise from a year earlier to 70. This was after the housing market saw a 4.5% decline year-over-year in November.
A total of 718 new homes were sold during the 12 months that ended in December, up from 707 for the year that ended in November.
Out of all housing closings, new home closings accounted for 14.1%. This is a surge from 11.8% of closings a year earlier. After rising in November from a year earlier, closings of new and existing homes stayed steady in December.
Pricing and Mortgage Trends
In December, the average price of newly sold homes declined 26.4% year-over-year to $336,973 per unit. This drop compares to a 3.4% rise in November year-over-year.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. In December 2013, average mortgage size on new homes sold was $246,213, down 17.8% from a year earlier. Average mortgage size grew 11.7% in November 2013 from a year earlier.