The Bridgeport, CT market saw no change in new home closings year-over-year in March, showing little movement after little change in February from the year earlier. Closings remained steady at 5 from a year earlier after being level at 5 in February from the year earlier.
A total of 80 new homes were sold during the 12 months that ended in March, equal to the number of new homes sold for the year that ended in February.
Out of the 655 total closings, 5 were new home closings. This is consistent on a percentage basis with a year earlier. For new and existing homes, closings dropped in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $414,900, down from $809,784 a year earlier. This followed a 53.9% rise in February year-over-year.
Average mortgage size on new homes fell from $797,977 to $320,430. Average mortgage size on new homes went from $409,600 in February 2015 to $643,348 in February 2016.
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 2,123 square feet a year earlier to 1,371 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 12.8% of existing home closings, below 19.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.0% in March from 5.6% a year earlier while REO closings as a percentage of existing home closings slid to 10.8% from 13.9% a year earlier.