New home closings sank year-over-year in July in the Hartford, CT market, and the decline was by a larger percentage than the June 2015. New home closings moved from 9 a year earlier to 7 after the figure moved from 14 in June 2014 to 13 in June 2015.
A total of 101 new homes were sold during the 12 months that ended in July, down from 103 for the year that ended in June.
7 of the 1,622 total closings were new home closings, a shift on a percentage basis from 9 out of 1,554 a year earlier. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $499,716, compared with $506,776 last year. This followed a 12.1% fall in June from a year earlier.
Average mortgage size on new homes increased to $414,855 from $335,672 last year. Average mortgage size on new homes went from $318,875 in June 2014 to $299,193 in June 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 went from 2,892 square feet in July 2014 to 2,884 square feet in July 2015.
Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 13.9% of existing home closings, up from 13.5% a year earlier. The percentage of existing home closings involving foreclosures went from 3.1% in July 2014 to 4.0% in July 2015 and REO closings moved from 10.4% of existing home closings in July 2014 to 9.9% in July 2015.