New Home Sales and Prices Drop in Poughkeepsie According to Freshest Data
Posted on: Jul 06, 2014 07:29:16 AM
The Poughkeepsie, NY market saw a drop in new home closings year-over-year in March, and with a percentage decline steeper than February 2014, there were signs the market may be worsening. There was a 24.2% fall in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 20.5% decline year-over-year in February.
A total of 717 new homes were sold during the 12 months that ended in March, down from 732 for the year that ended in February.
As a percentage of overall housing closings, new home closings made up 9.8%. This is down from the 16.3% of closings a year earlier. For new and existing homes, closings increased year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes dropped by 1.9% year-over-year to $351,475 per unit in March. This drop compares to a 4.2% surge in February year-over-year.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It grew 6.7% in March from a year earlier to $281,671. In February 2014, average mortgage size declined 9.1% from a year earlier.