In May, closings of new homes in the New Haven, CT market climbed year-over-year, rebounding from a year-over-year decline in April 2016. New home closings moved from 5 a year earlier to 9 after the figure moved from 7 in April 2015 to 2 in April 2016.

A total of 57 new homes were sold during the 12 months that ended in May, up from 53 for the year that ended in April.

9 of the 829 total closings were new home closings, a shift on a percentage basis from 5 out of 824 a year earlier. Closings of new and existing homes remained steady in May after falling in April year-over-year.

Pricing and Mortgage Trends

The average new home value went from $384,478 last year to $423,059. This came after a 15.7% lift in April year-over-year.

From the year-ago figure of $268,103, the average mortgage size on new homes moved up to $327,568. Average mortgage size on new homes went from $228,886 in April 2015 to $248,750 in April 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 1,876 square feet a year earlier to 1,980 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 18.0% of existing home closings, below 27.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.6% in May from 8.4% a year earlier while REO closings as a percentage of existing home closings sank to 13.4% from 18.6% a year earlier.

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