Closings of new homes dropped year-over-year in June in the New Haven, CT market, dropping after a year-over-year increase in May 2016. New home closings moved from 12 a year earlier to 7 after the figure moved from 5 in May 2015 to 9 in May 2016.
A total of 59 new homes were sold during the 12 months that ended in June, down from 64 for the year that ended in May.
7 of the 1,076 total closings were new home closings, a shift on a percentage basis from 12 out of 1,088 a year earlier. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $254,680, down from $360,188 a year earlier. This was on the heels of a 10.0% bump in May year-over-year.
The average mortgage size went down to $202,120 from $283,163 a year earlier. Average mortgage size on new homes went from $268,103 in May 2015 to $327,568 in May 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 1,970 square feet a year earlier to 1,629 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 13.2% of closings, below 22.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.6% in June from 5.0% a year earlier while REO closings as a percentage of existing home closings slid to 9.6% from 17.4% a year earlier.