There was a rise in closings of new homes in the Manchester, NH market in February year-over-year, rebounding from a year-over-year decline in January 2016. New home closings moved from 8 a year earlier to 9 after the figure moved from 7 in January 2015 to 5 in January 2016.
A total of 157 new homes were sold during the 12 months that ended in February, up from 156 for the year that ended in January.
New home closings were 9 out of the 288 total closings, a move on a percentage basis from 8 of 247 a year earlier. For new and existing homes, closings grew year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $343,570, down from $459,208 a year earlier. This came after a 14.3% drop in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $375,144 to $212,700. Average mortgage size on new homes went from $340,104 in January 2015 to $346,500 in January 2016.
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 rose from 2,549 square feet a year earlier to 3,372 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 21.9% of closings, below 25.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.5% in February from 10.9% a year earlier and REO closings moved from 14.6% of existing home closings in February 2015 to 14.3% in February 2016.