In the Manchester, NH market, new home closings fell year-over-year in January, a decline following a rise in December 2015. New home closings moved from 7 a year earlier to 3 after the figure moved from 13 in December 2014 to 14 in December 2015.
A total of 135 new homes were sold during the 12 months that ended in January, down from 139 for the year that ended in December.
Last year, 7 of 263 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 292 total closings. After remaining steady in December from a year earlier, closings of new and existing homes gained in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $412,844, down from last year's $465,752. This came after a 15.5% hike in December year-over-year.
Average mortgage size on new homes increased to $357,000 from $340,104 last year. Average mortgage size on new homes went from $261,947 in December 2014 to $312,515 in December 2015.
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 2,506 square feet a year earlier to 2,746 square feet.
Together, foreclosures plus REO closings accounted for 14.9% of existing home closings. In January 2015, they made up 14.8%. The percentage of existing home closings involving foreclosures sank to 5.2% in January from 6.2% a year earlier while REO closings as a percentage of existing home closings grew to 9.7% from 8.6%.