In the Bridgeport, CT market, closings of new homes sank year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 6 a year earlier to 4 after the figure moved from 7 in December 2014 to 2 in December 2015.
A total of 77 new homes were sold during the 12 months that ended in January, down from 79 for the year that ended in December.
4 of the 586 total closings were new home closings, a shift on a percentage basis from 6 out of 648 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also slid year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes rose to $1,215,625.00 from last year's $420,633. This was on the heels of a 59.2% fall in December from a year earlier.
The average mortgage size on new homes was $1,132,916.00, up from $464,960. Average mortgage size on new homes went from $665,469 in December 2014 to $417,000 in December 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,756 square feet a year earlier to 2,703 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 13.2% of existing home closings, below 14.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 2.4% in January from 3.6% a year earlier while REO closings as a percentage of existing home closings stayed level at 10.8%.