The Hartford, CT market saw a drop in new home closings year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 19 a year earlier to 6 after the figure moved from 11 in October 2014 to 9 in October 2015.
A total of 101 new homes were sold during the 12 months that ended in November, down from 114 for the year that ended in October.
New home closings were 1.9% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 6 of the 1,034 total closings. After falling in October from a year earlier, closings of new and existing homes stayed steady in November.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $321,873, down from last year's $473,893. This was on the heels of a 14.4% drop in October from a year earlier.
The average mortgage size went down to $273,703 from $322,272 a year earlier. Average mortgage size on new homes went from $283,249 in October 2014 to $307,955 in October 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 2,394 square feet a year earlier to 1,994 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 14.9% of existing closings, lower than 18.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.7% in November from 6.7% a year earlier while REO closings as a percentage of existing home closings fell to 10.2% from 11.8% a year earlier.