Closings of new homes fell year-over-year in July in the New Haven, CT market, a decline following a rise in June 2015. New home closings moved from 9 a year earlier to 2 after the figure moved from 1 in June 2014 to 7 in June 2015.

A total of 50 new homes were sold during the 12 months that ended in July, down from 57 for the year that ended in June.

2 of the 1,039 total closings were new home closings, a shift on a percentage basis from 9 out of 1,017 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also jumped year-over-year in July.

The average new home price was $357,208, down from $412,990 a year earlier. This followed a 21.4% fall in June from a year earlier.

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.

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. Out of all existing home closings, foreclosures combined with REO closings made up 17.3% of closings, below 18.4% a year earlier. The percentage of existing home closings involving foreclosures went from 4.3% in July 2014 to 4.4% in July 2015 and REO closings as a percentage of existing home closings declined to 12.8% from 14.1% a year earlier.

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