There was an increase in new home closings in the Bridgeport, CT market in July year-over-year, rebounding from a year-over-year decline in June 2016. New home closings moved from 8 a year earlier to 12 after the figure moved from 10 in June 2015 to 6 in June 2016.
A total of 82 new homes were sold during the 12 months that ended in July, up from 78 for the year that ended in June.
New home closings were 12 out of the 1,144 total closings, a move on a percentage basis from 8 of 1,408 a year earlier. For new and existing homes, closings fell in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $559,388, compared with $1,092,700.00 last year. This followed a 92.0% bump in June year-over-year.
There was a decline in average mortgage size on new homes, going from $947,125 last year to $441,956 in July 2016. Average mortgage size on new homes went from $454,969 in June 2015 to $973,340 in June 2016.
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.
The average unit size of newly sold homes fell from 2,744 square feet a year earlier to 2,189 square feet.
Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 8.3% of existing home closings, up from 7.0% a year earlier. The percentage of existing home closings involving foreclosures went from 1.7% in July 2015 to 1.6% in July 2016 and REO closings as a percentage of existing home closings increased to 6.7% from 5.3%.