Closings of new homes fell year-over-year in September in the Hartford, CT market, a decline following a rise in August 2015. New home closings moved from 10 a year earlier to 6 after the figure moved from 10 in August 2014 to 11 in August 2015.
A total of 107 new homes were sold during the 12 months that ended in September, down from 111 for the year that ended in August.
New home closings were 6 out of the 1,376 total closings, a move on a percentage basis from 10 of 965 a year earlier. Following a year-over-year increase in August, closings of new and existing homes also rose year-over-year in September.
Pricing and Mortgage Trends
The average per-unit price of new homes was $336,450, compared with $453,681 last year. This came after a 38.7% gain in August year-over-year.
There was a decline in average mortgage size on new homes, going from $412,206 last year to $220,011 in September 2015. Average mortgage size on new homes went from $323,864 in August 2014 to $427,117 in August 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 2,555 square feet a year earlier to 1,356 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 14.4% of existing home closings, up from 14.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 3.9% in September from 2.5% a year earlier while REO closings as a percentage of existing home closings declined to 10.4% from 11.5% a year earlier.