In the Manchester, NH market, closings of new homes slid year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 6 a year earlier to 5 after the figure moved from 10 in July 2014 to 9 in July 2015.
A total of 113 new homes were sold during the 12 months that ended in August, down from 114 for the year that ended in July.
Out of the 478 total closings, 5 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year rise in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $273,973, down from last year's $291,817. This came after a 12.4% surge in July year-over-year.
Average mortgage size on new homes rose from $237,706 to $254,829. Average mortgage size on new homes went from $296,900 in July 2014 to $205,010 in July 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 rose from 1,663 square feet a year earlier to 2,202 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 7.6% of existing home closings, down from 7.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 0.8% in August from 2.8% a year earlier while REO closings as a percentage of existing home closings gained to 6.8% from 5.1%.