In the New Haven, CT market, closings of new homes fell year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 7 a year earlier to 2 after the figure moved from 3 in February 2015 to 1 in February 2016.
A total of 58 new homes were sold during the 12 months that ended in March, down from 63 for the year that ended in February.
New home closings were 2 out of the 651 total closings, a move on a percentage basis from 7 of 725 a year earlier. Closings of new and existing homes slid year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $346,000, an increase from $342,541 a year earlier. This followed a 33.5% drop in February from a year earlier.
The average mortgage size moved to $288,805, down from last year's $328,521. Average mortgage size on new homes went from $420,683 in February 2015 to $272,000 in February 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 1,670 square feet a year earlier to 2,639 square feet.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 26.5% of closings, below 32.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.8% in March from 10.2% a year earlier and REO closings moved from 22.0% of existing home closings in March 2015 to 21.7% in March 2016.