In the Manchester, NH market in April, closings of new homes increased year-over-year, and the increase was greater than March 2016. New home closings moved from 11 a year earlier to 15 after the figure moved from 10 in March 2015 to 12 in March 2016.
A total of 173 new homes were sold during the 12 months that ended in April, up from 169 for the year that ended in March.
New home closings were 15 out of the 502 total closings, a move on a percentage basis from 11 of 410 a year earlier. For new and existing homes, closings jumped year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $330,640, compared with $352,770 last year. This came after a move from $350,667 per unit to $348,300 from March 2015 to March 2016.
Average mortgage size on newly sold homes saw a decline year-over-year from $318,712 to $300,542. Average mortgage size on new homes went from $303,065 in March 2015 to $255,362 in March 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 2,176 square feet a year earlier to 2,075 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 13.8% of closings, below 15.8% a year earlier. The percentage of existing home closings involving foreclosures went from 5.3% in April 2015 to 5.7% in April 2016 and REO closings as a percentage of existing home closings sank to 8.0% from 10.5% a year earlier.