New home closings sank year-over-year in September in the New Haven, CT market, sliding after a growth in August 2015. New home closings moved from 6 a year earlier to 4 after the figure moved from 2 in August 2014 to 5 in August 2015.

A total of 67 new homes were sold during the 12 months that ended in September, down from 69 for the year that ended in August.

4 of the 875 total closings were new home closings, a shift on a percentage basis from 6 out of 671 a year earlier. For new and existing homes, closings jumped year-over-year in September after also increasing in August year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $360,495, compared with $396,598 last year. This followed a 23.8% lift in August year-over-year.

The average mortgage size went down to $293,882 from $325,219 a year earlier. Average mortgage size on new homes went from $316,000 in August 2014 to $340,700 in August 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 fell from 2,021 square feet a year earlier to 1,670 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 17.7% of existing home closings, below 20.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.9% in September from 6.0% a year earlier and REO closings moved from 14.0% of existing home closings in September 2014 to 13.8% in September 2015.

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