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Poughkeepsie, NY - Newest Figures for New Home Sales Suggest Market Decline is Subsiding

Posted on: May 07, 2012 09:37:25 AM

Sales of new homes fell year-over-year in January in the Poughkeepsie, NY market, but the percentage fall narrowed from that of December 2011, suggesting that the market may be evening out. New home sales saw a 32.5% decline from a year earlier to 27. In comparison, new home sales in the same month last year saw a 57.7% fall year-over-year in December.

A total of 491 new homes were sold during the 12 months that ended in January, down from 504 for the year that ended in December.

New home sales made up 14.0% of overall housing sales. This is an increase on a percentage basis, as new home sales were 11.9% of total sales a year ago. Sales of new and existing homes sank year-over-year in January after also falling in December year-over-year.

Pricing and Mortgage Trends

The average per-unit price of newly sold homes rose year-over-year to $366,632 in January, up 1.8% from last year. This rise is smaller than the 4.3% rise in December year-over-year.

For newly sold homes, the average mortgage size dipped year-over-year in contrast to average price of new homes. Average mortgage size declined by 4.0% from a year earlier, settling at $341,501 in January. In December 2011, average mortgage size on newly sold homes saw a 6.4% decline from a year earlier. For new home sales, the percentage of the sale price that was being financed slipped 5.6 percentage points year-over-year to 93.1% in January 2012.

Other Market Trends

As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales jumped from 52.5% of new sales in January 2011 to 59.3% of sales in January 2012. Conversely, the share of new home sales belonging to attached units dropped to 40.7% of sales from 47.5% of sales.

There was a 5.3% decline year-over-year in the average unit size of newly sold homes to 2,056 square feet in January 2012. For newly sold homes, an average size decline contrasting with an average price rise was also seen in December 2011 when the average size of newly sold homes fell 3.1% to 2,492 square feet.

Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Combined, foreclosures plus REO sales represented 24.7% of existing home sales. They accounted for 22.6% in January 2011. The percentage of existing home sales involving foreclosures rose to 12.7% in January from 7.1% a year earlier while REO sales as a percentage of existing home sales dipped to 12.0% from 15.5% a year earlier.

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