In the New Haven, CT market in December, closings of new homes declined year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 5 a year earlier to 4 after the figure moved from 11 in November 2014 to 5 in November 2015.
A total of 61 new homes were sold during the 12 months that ended in December, down from 62 for the year that ended in November.
4 of the 756 total closings were new home closings, a shift on a percentage basis from 5 out of 784 a year earlier. Closings of new and existing homes slid year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $189,750, compared with $446,834 last year. This was on the heels of a 3.4% fall in November from a year earlier.
There was a decline in average mortgage size on new homes, going from $362,203 last year to $173,782 in December 2015. Average mortgage size on new homes went from $217,129 in November 2014 to $262,838 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 2,625 square feet a year earlier to 1,774 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 21.3% of existing home closings, below 22.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.1% in December from 5.6% a year earlier while REO closings as a percentage of existing home closings rose to 18.2% from 16.7%.