There was an increase in closings of new homes in the Manchester, NH market in December year-over-year, rebounding from a year-over-year decline in November 2015. New home closings moved from 13 a year earlier to 14 after the figure moved from 12 in November 2014 to 6 in November 2015.
A total of 139 new homes were sold during the 12 months that ended in December, up from 138 for the year that ended in November.
14 of the 393 total closings were new home closings, a shift on a percentage basis from 13 out of 395 a year earlier. After new and existing closings climbed in November year-over-year, they stayed level in December.
Pricing and Mortgage Trends
The average price of new homes rose to $387,481 from last year's $335,436. This was on the heels of a 14.7% surge in November year-over-year.
Average mortgage size on new homes rose from $261,947 to $312,515. Average mortgage size on new homes went from $296,503 in November 2014 to $246,658 in November 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 2,099 square feet a year earlier to 2,791 square feet.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 14.8% of existing home closings, above 10.5% a year earlier. The percentage of existing home closings involving foreclosures went from 4.5% in December 2014 to 5.0% in December 2015 and REO closings as a percentage of existing home closings increased to 9.8% from 6.0%.