In the Hartford, CT market, closings of new homes increased year-over-year in April, rebounding from a year-over-year decline in March 2016. New home closings moved from 3 a year earlier to 8 after the figure moved from 11 in March 2015 to 4 in March 2016.
A total of 104 new homes were sold during the 12 months that ended in April, up from 99 for the year that ended in March.
New home closings were 8 out of the 998 total closings, a move on a percentage basis from 3 of 1,124 a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $385,317, down from last year's $681,062. This came after a 2.5% bump in March year-over-year.
Average mortgage size on new homes went from $200,000 a year earlier to $247,396. Average mortgage size on new homes went from $397,178 in March 2015 to $337,333 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 fell from 3,545 square feet a year earlier to 1,584 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.3% of closings, below 19.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.0% in April from 6.8% a year earlier while REO closings as a percentage of existing home closings fell to 11.3% from 12.8% a year earlier.