New home closings in the Bridgeport, CT market declined year-over-year in June, and the decline was similar to May 2016. New home closings moved from 10 a year earlier to 6 after the figure moved from 5 in May 2015 to 3 in May 2016.
A total of 78 new homes were sold during the 12 months that ended in June, down from 82 for the year that ended in May.
6 of the 1,252 total closings were new home closings, a shift on a percentage basis from 10 out of 1,320 a year earlier. Closings of new and existing homes sank year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $1,073,521.00, up from $559,155 a year earlier. This came after a 36.5% gain in May year-over-year.
Average mortgage size on new homes went from $454,969 a year earlier to $973,340. Average mortgage size on new homes went from $362,554 in May 2015 to $455,533 in May 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.
The average unit size of newly sold homes fell from 2,237 square feet a year earlier to 1,869 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 6.9% of existing home closings, below 9.7% a year earlier. The percentage of existing home closings involving foreclosures went from 2.1% in June 2015 to 1.7% in June 2016 and REO closings as a percentage of existing home closings fell to 5.2% from 7.6% a year earlier.