In April, there was a decline year-over-year in new home closings in the New Haven, CT market, and the decline was similar to March 2016. New home closings moved from 7 a year earlier to 2 after the figure moved from 7 in March 2015 to 2 in March 2016.
A total of 53 new homes were sold during the 12 months that ended in April, down from 58 for the year that ended in March.
2 of the 609 total closings were new home closings, a shift on a percentage basis from 7 out of 841 a year earlier. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $447,487 from $386,842 a year ago. This was on the heels of a 1.0% boost in March year-over-year.
Average mortgage size on new homes increased to $248,750 from $228,886 last year. Average mortgage size on new homes went from $328,521 in March 2015 to $288,805 in March 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 1,939 square feet a year earlier to 2,174 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 18.8% of closings, below 31.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.5% in April from 9.8% a year earlier while REO closings as a percentage of existing home closings slid to 15.3% from 21.3% a year earlier.