In May, there was a fall year-over-year in new home closings in the Bridgeport, CT market, and the decline was by a larger percentage than the April 2016. New home closings moved from 4 a year earlier to 2 after the figure moved from 7 in April 2015 to 5 in April 2016.
A total of 76 new homes were sold during the 12 months that ended in May, down from 78 for the year that ended in April.
2 of the 971 total closings were new home closings, a shift on a percentage basis from 4 out of 1,063 a year earlier. For new and existing homes, closings declined in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $672,000, an increase from $410,674 a year earlier. This followed a 60.0% rise in April year-over-year.
The average mortgage size on new homes was $502,300, up from $366,072. Average mortgage size on new homes went from $425,317 in April 2015 to $553,639 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes fell from 1,653 square feet a year earlier to 1,454 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 9.9% of closings, below 13.4% a year earlier. The percentage of existing home closings involving foreclosures went from 2.6% in May 2015 to 2.3% in May 2016 and REO closings as a percentage of existing home closings slid to 7.6% from 10.8% a year earlier.