New Home Closings and Prices in Poughkeepsie Drop According to Recent Figures
Posted on: Aug 08, 2014 11:43:14 AM
In the Poughkeepsie, NY market in April, closings of new homes slid year-over-year, but the decline in percentage terms was an improvement from March 2014, suggesting that the market may be evening out. There was a 23.1% drop in new home closings from a year earlier. This came on the heels of a 25.9% fall year-over-year in March.
A total of 618 new homes were sold during the 12 months that ended in April, down from 630 for the year that ended in March.
New home closings accounted for 9.5% of overall housing closings. This is down from the 12.1% of closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 7.9% fall year-over-year in April to $329,779 per unit. This decline is larger than the 5.7% drop in March from a year earlier.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. It fell to $269,110 in April, a 7.0% fall. In March 2014, average mortgage size rose 3.4% from a year earlier.