In July, closings of new homes jumped year-over-year in the Norwich, CT market, rebounding from a year-over-year decline in June 2016. New home closings moved from 1 a year earlier to 2 after the figure moved from 3 in June 2015 to none in June 2016.
2 of the 294 total closings were new home closings, a shift on a percentage basis from 1 out of 352 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also fell year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $250,000 last year to $487,070. This came after a.
The average mortgage size on new homes was $344,900, up from $245,471.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
The average unit size of newly sold homes rose from 1,270 square feet a year earlier to 2,280 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 13.7% of closings, below 19.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.1% in July from 4.6% a year earlier while REO closings as a percentage of existing home closings slid to 11.6% from 14.8% a year earlier.