The New Haven, CT market saw a drop in new home closings year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 3 a year earlier to 1 after the figure moved from 5 in December 2014 to 4 in December 2015.
A total of 60 new homes were sold during the 12 months that ended in January, down from 62 for the year that ended in December.
New home closings were 1 out of the 539 total closings, a move on a percentage basis from 3 of 560 a year earlier. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $226,966, down from last year's $326,698. This was on the heels of a 57.5% decline in December from a year earlier.
The average mortgage size moved to $76,966, down from last year's $168,893. Average mortgage size on new homes went from $362,203 in December 2014 to $173,782 in December 2015.
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 1,482 square feet a year earlier to 1,537 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 22.5% of existing closings, lower than 34.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.8% in January from 11.0% a year earlier while REO closings as a percentage of existing home closings dropped to 16.7% from 23.7% a year earlier.