In July, there was a fall year-over-year in new home closings in the Manchester, NH market, sliding after a growth in June 2015. New home closings moved from 10 a year earlier to 9 after the figure moved from 9 in June 2014 to 19 in June 2015.
A total of 114 new homes were sold during the 12 months that ended in July, down from 115 for the year that ended in June.
9 of the 665 total closings were new home closings, a shift on a percentage basis from 10 out of 573 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also rose year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes rose to $330,259 from last year's $293,826. This came after a 58.4% surge in June year-over-year.
There was a decline in average mortgage size on new homes, going from $296,900 last year to $205,010 in July 2015. Average mortgage size on new homes went from $192,604 in June 2014 to $292,857 in June 2015.
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 1,780 square feet a year earlier to 1,673 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 6.9% of existing home closings, below 11.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 1.1% in July from 2.8% a year earlier while REO closings as a percentage of existing home closings slid to 5.8% from 8.5% a year earlier.