There was an increase in new home closings in the Norwich, CT market in August year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 1 a year earlier to 3 after the figure moved from 4 in July 2014 to 1 in July 2015.
3 of the 291 total closings were new home closings, a shift on a percentage basis from 1 out of 239 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also increased year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $337,599, down from $409,900 a year earlier. This followed a 43.0% drop in July from a year earlier.
The average mortgage size went down to $205,867 from $327,920 a year earlier. Average mortgage size on new homes went from $366,575 in July 2014 to $245,471 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 17.7% of existing home closings, down from 20.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 2.4% in August from 5.0% a year earlier and REO closings moved from 15.1% of existing home closings in August 2014 to 15.3% in August 2015.