In August, there was an increase in closings of new homes in the New Haven, CT market year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 2 a year earlier to 5 after the figure moved from 9 in July 2014 to 1 in July 2015.
A total of 61 new homes were sold during the 12 months that ended in August, up from 58 for the year that ended in July.
New home closings were 5 out of the 1,031 total closings, a move on a percentage basis from 2 of 659 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also climbed year-over-year in August.
Pricing and Mortgage Trends
The average new home value went from $378,600 last year to $468,579. This was on the heels of a 2.1% rise in July year-over-year.
Average mortgage size on new homes went from $316,000 a year earlier to $340,700.
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 2,176 square feet a year earlier to 2,365 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 17.2% of closings, below 25.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.5% in August from 13.1% a year earlier and REO closings moved from 12.5% of existing home closings in August 2014 to 12.7% in August 2015.