Closings of new homes slid year-over-year in July in the Manchester, NH market, and the decline was by a larger percentage than the June 2016. New home closings moved from 24 a year earlier to 12 after the figure moved from 24 in June 2015 to 13 in June 2016.

A total of 170 new homes were sold during the 12 months that ended in July, down from 182 for the year that ended in June.

New home closings were 3.4% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 12 of the 571 total closings. After rising year-over-year in June, closings of new and existing homes sank year-over-year in July.

Pricing and Mortgage Trends

The average new home value went from $350,046 last year to $391,158. This came after a 28.5% bump in June year-over-year.

Average mortgage size on new homes moved from $273,565 to $275,416. Average mortgage size on new homes went from $300,475 in June 2015 to $360,184 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 rose from 1,914 square feet a year earlier to 2,248 square feet.

Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 10.4% of existing home closings, up from 9.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.9% in July from 2.3% a year earlier while REO closings as a percentage of existing home closings dropped to 4.5% from 6.8% a year earlier.

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