Latest Figures Show New Home Prices Climb, Sales Drop in Rochester
Posted on: Apr 06, 2014 07:36:03 AM
New home closings in the Rochester, NY market slid year-over-year in December, and the percentage drop was steeper than November 2013, suggesting the market may be worsening. New home closings saw a 43.1% decline from a year earlier to 29. In comparison, new home closings in the same month last year saw a 24.6% decline year-over-year in November.
A total of 483 new homes were sold during the 12 months that ended in December, down from 505 for the year that ended in November.
As a percentage of overall housing closings, new home closings represented 4.1%. This is down from the a year earlier when new home closings made up 5.8% of total closings. For new and existing homes, closings declined in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 9.9% in December to $241,494 per unit. This bump is smaller than the 60.4% surge in November year-over-year.
For newly sold homes, the average mortgage size slid year-over-year in contrast to average price of new homes. It sank 1.3% in December from a year earlier to $210,197. Average mortgage size climbed 26.3% in November 2013 from a year earlier.