The Bridgeport, CT market saw no change in new home closings year-over-year in February, staying relatively stable after having decreased year-over-year in January. Closings remained level at 5 from a year earlier after the figure moved from 6 in January 2015 to 4 in January 2016.
A total of 79 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
5 of the 601 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home value went from $534,916 last year to $823,450. This was on the heels of a more than twofold surge in January year-over-year.
Average mortgage size on new homes increased to $643,348 from $409,600 last year. Average mortgage size on new homes went from $464,960 in January 2015 to $1,132,916.00 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes fell from 1,763 square feet a year earlier to 1,346 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 14.8% of existing home closings, down from 18.0% a year earlier. The percentage of existing home closings involving foreclosures went from 4.2% in February 2015 to 3.7% in February 2016 and REO closings as a percentage of existing home closings sank to 11.1% from 13.8% a year earlier.