Closings of new homes in the Hartford, CT market dropped year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 11 a year earlier to 7 after the figure moved from 16 in June 2015 to 4 in June 2016.

A total of 109 new homes were sold during the 12 months that ended in July, down from 113 for the year that ended in June.

New home closings were 7 out of the 1,538 total closings, a move on a percentage basis from 11 of 1,807 a year earlier. Closings of new and existing homes dropped year-over-year in July after also falling in June year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $574,661, an increase from $493,881 a year earlier. This was on the heels of a 4.0% gain in June year-over-year.

Average mortgage size on new homes increased to $441,129 from $388,485 last year. Average mortgage size on new homes went from $331,462 in June 2015 to $372,613 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 2,798 square feet a year earlier to 3,475 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 10.5% of existing home closings, below 14.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.3% in July from 4.2% a year earlier while REO closings as a percentage of existing home closings slid to 8.2% from 10.0% a year earlier.

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