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New York, NY - Freshest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December

Posted on: May 07, 2012 09:31:56 AM

There was a rise in new home sales in the New York, NY market in January year-over-year, picking up from a decline in December 2011. New home sales saw a rise of 8.2% from the year earlier to 711. This followed a 4.6% decline year-over-year in December.

A total of 10,464 new homes were sold during the 12 months that ended in January, up from 10,410 for the year that ended in December.

New home sales made up 11.3% of overall housing sales. This is up from the 8.9% of sales a year earlier. For new and existing homes, sales slid in January after also declining in December year-over-year.

Pricing and Mortgage Trends

Average value of new homes sold in January was $562,899 per unit, down 10.6% from a year earlier. This fall a drop off from the 11.0% decline in December from a year earlier.

Average mortgage size on new homes declined year-over-year in contrast to new home prices. In January 2012, there was a 16.2% drop in the average mortgage size on new homes to $377,948. In December 2011, average mortgage size fell 4.9% from a year earlier. For new home sales, the percentage of the sale price that was being financed declined 4.5 percentage points year-over-year to 67.1% in January 2012. This was a swing downward after a 4.6 percentage point rise in December from a year earlier.

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. The share of new home sales belonging to single-family homes jumped from 42.9% in January 2011 to 63.0% of sales in January 2012. Meanwhile, attached units as a percentage of all new home sales fell to 37.0% of sales from 57.1% of sales.

There was a 5.7% decline year-over-year in the average unit size of newly sold homes to 1,914 square feet in January 2012. A decrease in both the average size and price of newly sold homes was also seen in December 2011 when the average size climbed 14.0% to 1,680 square feet.

Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 12.3% of sales. In January 2011, they made up 15.1%. The percentage of existing home sales involving foreclosures went from 4.4% in January 2011 to 5.4% in January 2012 and REO sales as a percentage of existing home sales slipped to 6.9% from 10.7% a year earlier.

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