The Bridgeport, CT market saw a drop in new home closings year-over-year in November, a decline following a rise in October 2015. New home closings moved from 7 a year earlier to 2 after the figure moved from 5 in October 2014 to 10 in October 2015.
A total of 84 new homes were sold during the 12 months that ended in November, down from 89 for the year that ended in October.
2 of the 729 total closings were new home closings, a shift on a percentage basis from 7 out of 810 a year earlier. For new and existing homes, closings fell in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $2,473,500.00, up from $360,897 a year earlier. This was on the heels of a 46.8% fall in October from a year earlier.
Average mortgage size on new homes increased to $2,700,000.00 from $283,571 last year. Average mortgage size on new homes went from $564,400 in October 2014 to $274,662 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 2,027 square feet a year earlier to 2,922 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 12.0% of closings, below 14.7% a year earlier. The percentage of existing home closings involving foreclosures went from 2.0% in November 2014 to 1.4% in November 2015 and REO closings as a percentage of existing home closings slid to 10.6% from 12.7% a year earlier.