Prices of New Homes Gain in Bridgeport, Sales Decline According to Freshest Data
Posted on: May 06, 2013 07:04:55 AM
Closings of new homes slid year-over-year in February in the Bridgeport, CT market, and the decline was by a larger percentage than the January 2013. New home closings moved from 15 a year earlier to six after the figure moved from 17 in January 2012 to 11 in January 2013.
A total of 215 new homes were sold during the 12 months that ended in February, down from 224 for the year that ended in January.
Last year, 15 of 520 total closings were new homes, and this percentage saw a decline as new home closings this year made up six of the 498 total closings. Following a year-over-year rise in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes sold in February 2013 rose to $842,633 from the year-earlier figure of $515,482. This followed a 27.4% fall in January from a year earlier.
From the year-ago figure of $433,972, the average mortgage size on new homes moved up to $573,925. Average mortgage size on new homes went from $335,954 in January 2012 to $204,757 in January 2013. The overall percentage of sale price that was being financed sank 16.1 percentage points year-over-year to 68.1% in February 2013.
Prices of New Homes Gain in Bridgeport, Sales Decline According to Freshest Data
Posted on: May 06, 2013 07:04:55 AM
Closings of new homes slid year-over-year in February in the Bridgeport, CT market, and the decline was by a larger percentage than the January 2013. New home closings moved from 15 a year earlier to six after the figure moved from 17 in January 2012 to 11 in January 2013.
A total of 215 new homes were sold during the 12 months that ended in February, down from 224 for the year that ended in January.
Last year, 15 of 520 total closings were new homes, and this percentage saw a decline as new home closings this year made up six of the 498 total closings. Following a year-over-year rise in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes sold in February 2013 rose to $842,633 from the year-earlier figure of $515,482. This followed a 27.4% fall in January from a year earlier.
From the year-ago figure of $433,972, the average mortgage size on new homes moved up to $573,925. Average mortgage size on new homes went from $335,954 in January 2012 to $204,757 in January 2013. The overall percentage of sale price that was being financed sank 16.1 percentage points year-over-year to 68.1% in February 2013.
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. Single-family home closings made up three of six new home closings after accounting for seven of 15 a year earlier. Meanwhile, attached units made up three of six new home closings after making up eight of 15 closings a year earlier.
The average unit size of newly sold homes fell from 2,014 square feet a year earlier to 1,988 square feet.
Foreclosures and real estate owned (REO) closings staying steady in February from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 23.2% of existing closings, about the same as a year earlier. The percentage of existing home closings involving foreclosures fell to 9.6% in February from 11.1% a year earlier and REO closings moved from 12.7% of existing home closings in February 2012 to 13.6% in February 2013.
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Source: Housing Intelligence