Closings of new homes in the Bridgeport, CT market sank year-over-year in December, and the decline was similar to November 2015. New home closings moved from 7 a year earlier to 2 after the figure moved from 7 in November 2014 to 2 in November 2015.
A total of 79 new homes were sold during the 12 months that ended in December, down from 84 for the year that ended in November.
2 of the 851 total closings were new home closings, a shift on a percentage basis from 7 out of 938 a year earlier. Closings of new and existing homes slid year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $382,019, down from last year's $937,414. This followed a more than threefold gain in November year-over-year.
Average mortgage size on new homes fell from $665,469 to $417,000. Average mortgage size on new homes went from $283,571 in November 2014 to $2,700,000.00 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 fell from 2,958 square feet a year earlier to 1,454 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 11.7% of closings, below 13.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 1.5% in December from 3.3% a year earlier and REO closings moved from 10.4% of existing home closings in December 2014 to 10.1% in December 2015.