Closings of new homes in the New Haven, CT market remained unchanged year-over-year in July, staying relatively stable after having decreased year-over-year in June. Closings remained level at 3 from a year earlier after the figure moved from 12 in June 2015 to 7 in June 2016.

A total of 59 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.

Out of the 995 total closings, 3 were new home closings. This is consistent on a percentage basis with a year earlier. Closings of new and existing homes saw a drop year-over-year in July after remaining steady in June year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $298,449, compared with $407,420 last year. This was on the heels of a 29.3% decline in June from a year earlier.

Average mortgage size on newly sold homes saw a decline year-over-year from $375,000 to $270,176. Average mortgage size on new homes went from $283,163 in June 2015 to $202,120 in June 2016.

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 rose from 1,536 square feet a year earlier to 1,624 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. Foreclosures and REO closings, taken together, represented 16.4% of existing closings, lower than 18.0% a year earlier. The percentage of existing home closings involving foreclosures went from 4.8% in July 2015 to 4.1% in July 2016 and REO closings moved from 13.2% of existing home closings in July 2015 to 12.3% in July 2016.

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