Closings of new homes dropped year-over-year in March in the Hartford, CT market, and the decline was by a larger percentage than the February 2016. New home closings moved from 11 a year earlier to 4 after the figure moved from 6 in February 2015 to 5 in February 2016.
A total of 99 new homes were sold during the 12 months that ended in March, down from 106 for the year that ended in February.
4 of the 969 total closings were new home closings, a shift on a percentage basis from 11 out of 1,045 a year earlier. Following a year-over-year increase in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $437,950 last year to $448,750. This was on the heels of a 9.8% lift in February year-over-year.
The average mortgage size moved to $337,333, down from last year's $397,178. Average mortgage size on new homes went from $346,825 in February 2015 to $393,170 in February 2016.
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 2,565 square feet a year earlier to 2,113 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 17.0% of existing closings, lower than 25.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.2% in March from 7.1% a year earlier while REO closings as a percentage of existing home closings declined to 12.7% from 17.9% a year earlier.