New home closings dropped year-over-year in January in the Hartford, CT market, and the decline was by a larger percentage than the December 2015. New home closings moved from 9 a year earlier to 6 after the figure moved from 10 in December 2014 to 8 in December 2015.

A total of 96 new homes were sold during the 12 months that ended in January, down from 99 for the year that ended in December.

New home closings were 6 out of the 852 total closings, a move on a percentage basis from 9 of 780 a year earlier. Following a fall in December year-over-year, closings of new and existing homes grew year-over-year in January.

Pricing and Mortgage Trends

The average per-unit price of new homes was $242,493, compared with $391,406 last year. This came after a 8.0% fall in December from a year earlier.

The average mortgage size moved to $219,622, down from last year's $307,569. Average mortgage size on new homes went from $358,094 in December 2014 to $284,708 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 fell from 2,403 square feet a year earlier to 1,272 square feet.

Foreclosures and real estate owned (REO) closings continued to decline 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 20.1% of existing closings, lower than 23.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.6% in January from 6.7% a year earlier while REO closings as a percentage of existing home closings sank to 14.5% from 16.2% a year earlier.

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