In September, there was a decline year-over-year in new home closings in the Hartford, CT market, falling after a rise in August 2015. New home closings moved from 10 a year earlier to 6 after the figure moved from 10 in August 2014 to 11 in August 2015.
A total of 107 new homes were sold during the 12 months that ended in September, down from 111 for the year that ended in August.
New home closings were 6 out of the 1,376 total closings, a move on a percentage basis from 10 of 965 a year earlier. Closings of new and existing homes grew year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $336,450, down from last year's $453,681. This followed a 38.7% gain in August year-over-year.
Average mortgage size on new homes fell from $412,206 to $220,011. Average mortgage size on new homes went from $323,864 in August 2014 to $427,117 in August 2015.
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 2,555 square feet a year earlier to 1,356 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 14.4% of existing home closings, up from 14.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 3.9% in September from 2.5% a year earlier while REO closings as a percentage of existing home closings slid to 10.4% from 11.5% a year earlier.