Recent Numbers Show Prices of New Homes Gain in Rochester, Sales Drop
Posted on: Mar 06, 2014 07:36:15 AM
New home closings slid year-over-year in November in the Rochester, NY market, shifting downward off a bump in October 2013. There was a 29.0% decline in new home closings from a year earlier. This came on the heels of a 28.6% jump year-over-year in October.
A total of 499 new homes were sold during the 12 months that ended in November, down from 519 for the year that ended in October.
Out of all housing closings, new home closings made up 5.9%. This is down from the 7.3% of closings a year earlier. Following a year-over-year rise in October, closings of new and existing homes sank year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes was $269,613 per unit in November, up 60.5%from a year earlier. This rise is higher than the 2.7% surge in October year-over-year.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. In November 2013, the average mortgage size on newly sold homes saw a 26.3% hike from a year earlier. In October 2013, average mortgage size on newly sold homes saw a 5.6% rise year-over-year from a year earlier.