In the Bridgeport, CT market, closings of new homes fell year-over-year in April, dropping after staying level in March. Closings stood at 5 in April after being 7 a year earlier and remaining unchanged at 5 in March from a year earlier.
A total of 78 new homes were sold during the 12 months that ended in April, down from 80 for the year that ended in March.
5 of the 760 total closings were new home closings, a shift on a percentage basis from 7 out of 863 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also declined year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $745,600, up from $466,017 a year earlier. This came after a 48.8% fall in March from a year earlier.
Average mortgage size on new homes rose from $425,317 to $553,639. Average mortgage size on new homes went from $797,977 in March 2015 to $320,430 in March 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 rose from 1,782 square feet a year earlier to 2,648 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 10.7% of closings, below 15.4% a year earlier. The percentage of existing home closings involving foreclosures went from 2.0% in April 2015 to 1.2% in April 2016 and REO closings as a percentage of existing home closings sank to 9.5% from 13.4% a year earlier.