The Hartford, CT market saw an increase in closings of new homes in August year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 10 a year earlier to 11 after the figure moved from 11 in July 2014 to 8 in July 2015.
A total of 108 new homes were sold during the 12 months that ended in August, up from 107 for the year that ended in July.
11 of the 1,532 total closings were new home closings, a shift on a percentage basis from 10 out of 1,110 a year earlier. For new and existing homes, closings increased year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $549,010 from last year's $395,874. This was on the heels of a 2.2% drop in July from a year earlier.
Average mortgage size on new homes increased to $427,117 from $323,864 last year. Average mortgage size on new homes went from $325,456 in July 2014 to $412,042 in July 2015.
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 2,302 square feet a year earlier to 2,830 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 13.1% of closings, below 13.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.4% in August from 4.6% a year earlier and REO closings moved from 9.2% of existing home closings in August 2014 to 9.8% in August 2015.