Closings of new homes in the Bridgeport, CT market grew year-over-year in September, and the increase was greater than August 2015. New home closings moved from 7 a year earlier to 16 after the figure moved from 3 in August 2014 to 6 in August 2015.
A total of 82 new homes were sold during the 12 months that ended in September, up from 73 for the year that ended in August.
New home closings were 16 out of the 1,037 total closings, a move on a percentage basis from 7 of 777 a year earlier. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $1,123,425.00 from $877,391 a year ago. This was on the heels of a 3.7% fall in August from a year earlier.
From the year-ago figure of $569,367, the average mortgage size on new homes moved up to $815,237.
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 2,069 square feet a year earlier to 2,811 square feet.
Foreclosures and real estate owned (REO) closings increased in September from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 10.9% of existing home closings, up from 10.4% a year earlier. The percentage of existing home closings involving foreclosures went from 2.5% in September 2014 to 1.8% in September 2015 and REO closings as a percentage of existing home closings jumped to 9.1% from 7.9%.