In the Norwich, CT market, new home closings sank year-over-year in September, sliding after a growth in August 2015. New home closings moved from 3 a year earlier to 1 after the figure moved from 1 in August 2014 to 3 in August 2015.
New home closings were 1.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 282 total closings. Following a year-over-year increase in August, closings of new and existing homes also jumped year-over-year in September.
The average price of new homes rose to $799,000 from last year's $443,449. This came after a 17.6% fall in August from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes rose from 2,393 square feet a year earlier to 3,228 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 23.8% of existing home closings, up from 18.1% a year earlier. The percentage of existing home closings involving foreclosures went from 4.0% in September 2014 to 5.0% in September 2015 and REO closings as a percentage of existing home closings rose to 18.9% from 14.1%.