Closings of new homes in the Manchester, NH market increased year-over-year in March, but the increase was less than February 2016. New home closings moved from 10 a year earlier to 12 after the figure moved from 8 in February 2015 to 10 in February 2016.
A total of 167 new homes were sold during the 12 months that ended in March, up from 165 for the year that ended in February.
12 of the 359 total closings were new home closings, a shift on a percentage basis from 10 out of 309 a year earlier. Closings of new and existing homes climbed year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $348,300, a move from $350,667 a year earlier. This came after a 24.6% drop in February from a year earlier.
There was a decline in average mortgage size on new homes, going from $303,065 last year to $255,362 in March 2016. Average mortgage size on new homes went from $375,144 in February 2015 to $210,886 in February 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 1,972 square feet a year earlier to 1,826 square feet.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 20.7% of existing home closings, above 17.1% a year earlier. The percentage of existing home closings involving foreclosures went from 8.4% in March 2015 to 7.8% in March 2016 and REO closings as a percentage of existing home closings climbed to 13.0% from 8.7%.