There was a rise in new home closings in the Bridgeport, CT market in July year-over-year, rebounding from a year-over-year decline in June 2015. New home closings moved from 6 a year earlier to 7 after the figure moved from 11 in June 2014 to 9 in June 2015.
A total of 59 new homes were sold during the 12 months that ended in July, up from 58 for the year that ended in June.
New home closings were 7 out of the 1,300 total closings, same on a percentage basis as a year earlier. For new and existing homes, closings gained year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average new home value went from $531,671 last year to $1,200,229.00. This followed a 5.5% decline in June from a year earlier.
Average mortgage size on new homes increased to $1,120,156.00 from $340,473 last year. Average mortgage size on new homes went from $417,363 in June 2014 to $471,393 in June 2015.
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 1,747 square feet a year earlier to 2,635 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 6.9% of existing closings, lower than 11.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.6% in July from 2.8% a year earlier while REO closings as a percentage of existing home closings slid to 5.3% from 8.6% a year earlier.