New Home Sales and Prices Decrease in Poughkeepsie According to Newest Data
Posted on: May 06, 2013 07:29:28 AM
New home closings in the Poughkeepsie, NY market declined year-over-year in January, a move downward following a gain in December 2012. New home closings declined by 5.0% in January 2013 from a year earlier, after closings saw a 10.3% climb in December from the year earlier.
A total of 573 new homes were sold during the 12 months that ended in January, down from 575 for the year that ended in December.
Out of all housing closings, new home closings made up 13.5%, down from the 15.5% of closings a year earlier. Following a decline in December year-over-year, closings of new and existing homes increased year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes fell 2.6% year-over-year in January to $339,327 per unit. This decline is a drop off from the 15.2% drop in December from a year earlier.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 9.9% rise year-over-year to $336,450 in January. Average mortgage size sank 18.6% in December 2012 from a year earlier. Of the overall sale price, the percentage that was being financed increased 11.2 percentage points year-over-year to 99.2% in January 2013. In December 2012, there was a 2.9 percentage point decline in December from a year earlier.
New Home Sales and Prices Decrease in Poughkeepsie According to Newest Data
Posted on: May 06, 2013 07:29:28 AM
New home closings in the Poughkeepsie, NY market declined year-over-year in January, a move downward following a gain in December 2012. New home closings declined by 5.0% in January 2013 from a year earlier, after closings saw a 10.3% climb in December from the year earlier.
A total of 573 new homes were sold during the 12 months that ended in January, down from 575 for the year that ended in December.
Out of all housing closings, new home closings made up 13.5%, down from the 15.5% of closings a year earlier. Following a decline in December year-over-year, closings of new and existing homes increased year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes fell 2.6% year-over-year in January to $339,327 per unit. This decline is a drop off from the 15.2% drop in December from a year earlier.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 9.9% rise year-over-year to $336,450 in January. Average mortgage size sank 18.6% in December 2012 from a year earlier. Of the overall sale price, the percentage that was being financed increased 11.2 percentage points year-over-year to 99.2% in January 2013. In December 2012, there was a 2.9 percentage point decline in December from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes climbed from 60.0% in January 2012 to 76.3% of closings in January 2013. Conversely, the share of new home closings belonging to attached units declined to 23.7% of closings from 40.0% of closings.
There was a 1.9% rise year-over-year in the average unit size of newly sold homes to 2,002 square feet in January 2013. The average size of newly sold homes moved from 2,320 square feet in December 2011 to 1,519 square feet in December 2012.
Foreclosures and real estate owned (REO) closings remained level in January from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 25.0% of existing home closings, about the same as a year earlier. The percentage of existing home closings involving foreclosures dipped to 10.2% in January from 12.4% a year earlier while REO closings as a percentage of existing home closings rose to 14.8% from 12.4%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Poughkeepsie, NY area.
Source: Housing Intelligence