Closings of new homes in the New Haven, CT market sank year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 11 a year earlier to 5 after the figure moved from 6 in October 2014 to 5 in October 2015.
A total of 62 new homes were sold during the 12 months that ended in November, down from 68 for the year that ended in October.
5 of the 646 total closings were new home closings, a shift on a percentage basis from 11 out of 749 a year earlier. Following a year-over-year decline in October, closings of new and existing homes also dropped year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $332,929, down from $344,758 a year earlier. This came after a 12.4% decline in October from a year earlier.
Average mortgage size on new homes went from $217,129 a year earlier to $262,838. Average mortgage size on new homes went from $313,508 in October 2014 to $177,347 in October 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 rose from 1,784 square feet a year earlier to 2,145 square feet.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 23.7% of existing home closings, higher than 22.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.7% in November from 7.7% a year earlier while REO closings as a percentage of existing home closings climbed to 19.0% from 14.6%.