The New Haven, CT market saw a drop in new home closings year-over-year in February, and the decline was similar to January 2016. New home closings moved from 3 a year earlier to 1 after the figure moved from 3 in January 2015 to 1 in January 2016.

A total of 58 new homes were sold during the 12 months that ended in February, down from 60 for the year that ended in January.

New home closings were 1 out of the 586 total closings, a move on a percentage basis from 3 of 624 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.

Pricing and Mortgage Trends

The average per-unit price of new homes was $349,900, compared with $526,242 last year. This came after a 30.5% drop in January from a year earlier.

There was a decline in average mortgage size on new homes, going from $420,683 last year to $272,000 in February 2016. Average mortgage size on new homes went from $168,893 in January 2015 to $76,966 in January 2016.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes fell from 2,939 square feet a year earlier to 1,618 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 22.7% of existing home closings, below 33.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.0% in February from 10.5% a year earlier while REO closings as a percentage of existing home closings sank to 16.8% from 22.7% a year earlier.

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