New home closings in the Bridgeport, CT market declined year-over-year in April, declining after staying relatively stable in March from the year earlier. 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.

New home closings were 5 out of the 760 total closings, a move on a percentage basis from 7 of 863 a year earlier. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.

Pricing and Mortgage Trends

The average new home price was $745,600, up from $466,017 a year earlier. This was on the heels of a 48.8% fall in March from a year earlier.

From the year-ago figure of $425,317, the average mortgage size on new homes moved up 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 fall from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 10.7% of existing closings, lower than 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 dropped to 9.5% from 13.4% a year earlier.

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