Closings of new homes fell year-over-year in December in the Hartford, CT market, but the decline was less than the year-over-year decline in November. New home closings moved from 10 a year earlier to 8 after the figure moved from 19 in November 2014 to 6 in November 2015.
A total of 99 new homes were sold during the 12 months that ended in December, down from 101 for the year that ended in November.
Out of the 1,202 total closings, 8 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year increase in November, closings of new and existing homes sank year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $379,949, down from last year's $432,366. This came after a 32.1% fall in November from a year earlier.
The average mortgage size moved to $317,392, down from last year's $358,094. Average mortgage size on new homes went from $322,272 in November 2014 to $273,703 in November 2015.
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 2,384 square feet a year earlier to 1,881 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 16.5% of existing home closings, down from 18.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.4% in December from 6.1% a year earlier and REO closings moved from 12.7% of existing home closings in December 2014 to 13.1% in December 2015.