In May, there was an increase in closings of new homes in the Manchester, NH market year-over-year, and the increase was greater than April 2016. New home closings moved from 11 a year earlier to 18 after the figure moved from 11 in April 2015 to 15 in April 2016.
A total of 180 new homes were sold during the 12 months that ended in May, up from 173 for the year that ended in April.
New home closings were 18 out of the 571 total closings, a move on a percentage basis from 11 of 486 a year earlier. For new and existing homes, closings grew year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $331,824, compared with $354,576 last year. This came after a 6.3% drop in April from a year earlier.
The average mortgage size moved to $236,865, down from last year's $271,803. Average mortgage size on new homes went from $318,712 in April 2015 to $300,542 in April 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 2,029 square feet a year earlier to 1,123 square feet.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 11.2% of existing home closings, up from 9.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.0% in May from 4.0% a year earlier and REO closings moved from 5.5% of existing home closings in May 2015 to 5.2% in May 2016.