Closings of new homes in the Norwich, CT market sank year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 3 a year earlier to 1 after the figure moved from 2 in March 2015 to 1 in March 2016.

New home closings were 1 out of the 202 total closings, a move on a percentage basis from 3 of 284 a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $259,900, compared with $293,300 last year. This followed a 73.5% drop in March from a year earlier.

The average mortgage size went down to $262,883 from $288,203 a year earlier. Average mortgage size on new homes went from $514,000 in March 2015 to $125,000 in March 2016.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 18.9% of existing home closings, below 28.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.5% in April from 5.0% a year earlier while REO closings as a percentage of existing home closings slid to 15.4% from 23.1% a year earlier.

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