Bridgeport, CT - Recent New home Sales Remain Steady
Posted on: May 06, 2012 09:17:01 AM
Sales of new homes in the Bridgeport, CT market remained unchanged year-over-year in February, staying level after a year-over-year decline in January from the year earlier. Sales remained level at five from a year earlier after the figure moved from 13 in January 2011 to seven in January 2012.
A total of 98 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were five out of the 505 total sales, a move on a percentage basis from five of 449 a year earlier. After dropping in January from a year earlier, sales of new and existing homes climbed year-over-year in February.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $490,052 in February 2012, up from $410,963 a year ago. This came after a 10.6% decline in January from a year earlier.
Average mortgage size on new homes fell from $386,405 to $357,765. Average mortgage size on new homes went from $523,178 in January 2011 to $431,582 in January 2012. For new home sales, the percentage of the sale price that was being financed dropped 21.0 percentage points year-over-year to 73.0% in February 2012.
Bridgeport, CT - Recent New home Sales Remain Steady
Posted on: May 06, 2012 09:17:01 AM
Sales of new homes in the Bridgeport, CT market remained unchanged year-over-year in February, staying level after a year-over-year decline in January from the year earlier. Sales remained level at five from a year earlier after the figure moved from 13 in January 2011 to seven in January 2012.
A total of 98 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were five out of the 505 total sales, a move on a percentage basis from five of 449 a year earlier. After dropping in January from a year earlier, sales of new and existing homes climbed year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $490,052 in February 2012, up from $410,963 a year ago. This came after a 10.6% decline in January from a year earlier.
Average mortgage size on new homes fell from $386,405 to $357,765. Average mortgage size on new homes went from $523,178 in January 2011 to $431,582 in January 2012. For new home sales, the percentage of the sale price that was being financed dropped 21.0 percentage points year-over-year to 73.0% in February 2012.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up four of five new home sales after accounting for one of five a year earlier. Meanwhile, attached units made up one of five new home sales after making up four of five sales a year earlier.
The average unit size of newly sold homes rose from 1,702 square feet a year earlier to 3,153 square feet.
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Out of all existing home sales, foreclosures combined with REO sales made up 23.4% of sales. They represented 27.5% in February 2011. The percentage of existing home sales involving foreclosures rose to 11.2% in February from 9.2% a year earlier while REO sales as a percentage of existing home sales fell to 12.2% from 18.2% a year earlier.
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Source: Housing Intelligence