In the Hartford, CT market in May, closings of new homes declined year-over-year, dropping after a year-over-year increase in April 2016. New home closings moved from 9 a year earlier to 3 after the figure moved from 3 in April 2015 to 8 in April 2016.
A total of 98 new homes were sold during the 12 months that ended in May, down from 104 for the year that ended in April.
New home closings were 3 out of the 1,318 total closings, a move on a percentage basis from 9 of 1,250 a year earlier. After dropping in April from a year earlier, closings of new and existing homes increased year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $358,521, compared with $459,115 last year. This was on the heels of a 43.4% decline in April from a year earlier.
The average mortgage size went down to $304,855 from $398,376 a year earlier. Average mortgage size on new homes went from $200,000 in April 2015 to $247,396 in April 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 fell from 2,233 square feet a year earlier to 1,766 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 12.4% of closings, below 18.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.8% in May from 4.9% a year earlier while REO closings as a percentage of existing home closings slid to 8.6% from 13.6% a year earlier.