There was a rise in new home closings in the Bridgeport, CT market in August year-over-year, and the increase was greater than July 2015. New home closings moved from 3 a year earlier to 6 after the figure moved from 6 in July 2014 to 7 in July 2015.
A total of 70 new homes were sold during the 12 months that ended in August, up from 67 for the year that ended in July.
New home closings were 6 out of the 1,124 total closings, a move on a percentage basis from 3 of 943 a year earlier. For new and existing homes, closings rose year-over-year in August after also increasing in July year-over-year.
The average new home price was $1,033,417.00, down from $1,073,300.00 a year earlier. This was on the heels of a more than twofold surge in July year-over-year.
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 2,527 square feet a year earlier to 3,029 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 9.6% of existing closings, lower than 11.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.0% in August from 5.3% a year earlier while REO closings as a percentage of existing home closings jumped to 7.6% from 6.3%.