The Hartford, CT market saw a drop in new home closings year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 6 a year earlier to 3 after the figure moved from 9 in January 2015 to 6 in January 2016.
A total of 93 new homes were sold during the 12 months that ended in February, down from 96 for the year that ended in January.
New home closings were 3 out of the 861 total closings, a move on a percentage basis from 6 of 801 a year earlier. Following a year-over-year increase in January, closings of new and existing homes also jumped year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $486,108 from $425,094 a year ago. This followed a 38.0% fall in January from a year earlier.
Average mortgage size on new homes increased to $422,167 from $346,825 last year. Average mortgage size on new homes went from $307,569 in January 2015 to $219,622 in January 2016.
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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 22.0% of closings, below 23.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.4% in February from 7.9% a year earlier while REO closings as a percentage of existing home closings increased to 17.6% from 15.7%.