There was an increase in new home closings in the Manchester, NH market in April year-over-year, and the increase was greater than March 2016. New home closings moved from 11 a year earlier to 15 after the figure moved from 10 in March 2015 to 12 in March 2016.
A total of 173 new homes were sold during the 12 months that ended in April, up from 169 for the year that ended in March.
15 of the 502 total closings were new home closings, a shift on a percentage basis from 11 out of 410 a year earlier. Following a year-over-year increase in March, closings of new and existing homes also grew year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $330,640, down from last year's $352,770. This followed a move from $350,667 per unit to $348,300 from March 2015 to March 2016.
There was a decline in average mortgage size on new homes, going from $318,712 last year to $300,542 in April 2016. Average mortgage size on new homes went from $303,065 in March 2015 to $255,362 in March 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 2,176 square feet a year earlier to 2,075 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 13.8% of existing closings, lower than 15.8% a year earlier. The percentage of existing home closings involving foreclosures went from 5.3% in April 2015 to 5.7% in April 2016 and REO closings as a percentage of existing home closings slid to 8.0% from 10.5% a year earlier.