In the Norwich, CT market in March, closings of new homes dropped year-over-year, a decline following a rise in February 2016. New home closings moved from 2 a year earlier to 1 after the figure moved from none in February 2015 to 1 in February 2016.
New home closings were 1 out of the 190 total closings, a move on a percentage basis from 2 of 256 a year earlier. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of new homes was $163,470, compared with $617,298 last year. This came after a shift from no closings in February 2015 to an average price of $345,000 in February 2016.
The average mortgage size went down to $125,000 from $514,000 a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
The average unit size of newly sold homes fell from 2,977 square feet a year earlier to 1,240 square feet.
Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 27.0% of existing closings, lower than 35.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.4% in March from 9.1% a year earlier while REO closings as a percentage of existing home closings slid to 19.6% from 26.0% a year earlier.