New Home Closings and Prices in Poughkeepsie Decline According to Freshest Figures
Posted on: Dec 06, 2013 07:37:38 AM
In the Poughkeepsie, NY market in August, new home closings declined year-over-year, but compared with July 2013, the percentage drop was less steep, suggesting that the market may be evening out. Closings fell 33.9% from a year earlier to 37. This came on the heels of a 42.3% fall year-over-year in July.
A total of 581 new homes were sold during the 12 months that ended in August, down from 600 for the year that ended in July.
New home closings made up 7.7% of overall housing closings. This is down from the 11.9% of closings a year earlier. Closings of new and existing homes grew year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes dropped year-over-year to $330,696 in August, a decline of 7.4% from a year earlier. This fall is a drop off from the 9.4% drop in July from a year earlier.
The average mortgage size on new homes moved north year-over-year in contrast to new home prices. The average mortgage size saw a 1.5% gain year-over-year to $272,260 in August. In July 2013, average mortgage size declined 8.2% from a year earlier.