In June, there was a fall year-over-year in new home closings in the Hartford, CT market, and the decline was by a larger percentage than the May 2016. New home closings moved from 16 a year earlier to 4 after the figure moved from 10 in May 2015 to 7 in May 2016.
A total of 113 new homes were sold during the 12 months that ended in June, down from 125 for the year that ended in May.
New home closings were 4 out of the 1,631 total closings, a move on a percentage basis from 16 of 1,736 a year earlier. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes was $439,981, an increase from $423,057 a year earlier. This followed a 4.9% lift in May year-over-year.
The average mortgage size on new homes was $372,613, up from $331,462. It went from $380,334 to $381,270 from May 2015 to May 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,003 square feet a year earlier to 2,213 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 11.6% of existing home closings, down from 12.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.0% in June from 4.4% a year earlier and REO closings moved from 8.1% of existing home closings in June 2015 to 8.7% in June 2016.