In the Manchester, NH market in June, closings of new homes slid year-over-year, dropping after a year-over-year increase in May 2016. New home closings moved from 23 a year earlier to 13 after the figure moved from 11 in May 2015 to 18 in May 2016.
A total of 170 new homes were sold during the 12 months that ended in June, down from 180 for the year that ended in May.
Last year, 23 of 697 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 825 total closings. For new and existing homes, closings jumped year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average new home value went from $370,672 last year to $482,667. This was on the heels of a 6.4% drop in May from a year earlier.
Average mortgage size on new homes increased to $360,184 from $300,475 last year. Average mortgage size on new homes went from $271,803 in May 2015 to $236,865 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 rose from 2,090 square feet a year earlier to 2,361 square feet.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 11.1% of existing home closings, up from 8.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.9% in June from 2.7% a year earlier and REO closings moved from 5.8% of existing home closings in June 2015 to 5.2% in June 2016.