Newest Figures Indicate New Home Closings in Rochester Decline
Posted on: Jul 06, 2014 07:31:06 AM
New home closings declined year-over-year in March in the Rochester, NY market, but the market seemed to be signaling improvement with a percentage drop less steep than in February 2014. There was a 18.8% decline in new home closings from a year earlier. This was after the housing market saw a 51.4% decline year-over-year in February.
A total of 516 new homes were sold during the 12 months that ended in March, down from 525 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 4.6% of overall housing closings. New home closings were 5.3% of overall closings last year. For new and existing homes, closings declined in March after also declining in February year-over-year.
Pricing and Mortgage Trends
From March 2013 to March 2014, the average price of newly sold homes went from $260,989 to $262,945. This followed a 13.8% decline in February from a year earlier.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. Average mortgage size rose 12.2% to $234,437 in March from a year earlier. In February 2014, average mortgage size jumped 43.2% from a year earlier.