Bridgeport, CT - Freshest New Home Sales Numbers Suggest Market Fall is Deepening
Posted on: Feb 06, 2012 09:14:45 AM
In the Bridgeport, CT market in November, sales of new homes dropped year-over-year, and the decline was by a larger percentage than the October 2011. New home sales moved from 20 a year earlier to two after the figure moved from 11 in October 2010 to eight in October 2011.
A total of 105 new homes were sold during the 12 months that ended in November, down from 123 for the year that ended in October.
New home sales represented two out of the 578 total sales, which is a smaller percentage than the 20 of 738 total sales a year earlier. Following a year-over-year decline in October, sales of new and existing homes also declined year-over-year in November.
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Pricing and Mortgage Trends
The average new home price was $390,000 in November 2011, down from $562,502 a year earlier. This was on the heels of a 66.2% bump in October year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $392,678 to $321,125. Average mortgage size on new homes went from $401,321 in October 2010 to $530,034 in October 2011. The overall percentage of sale price that was being financed grew 12.5 percentage points year-over-year to 82.3% in November 2011. In October 2011, there was a 16.7 percentage point drop in October from a year earlier.
Bridgeport, CT - Freshest New Home Sales Numbers Suggest Market Fall is Deepening
Posted on: Feb 06, 2012 09:14:45 AM
In the Bridgeport, CT market in November, sales of new homes dropped year-over-year, and the decline was by a larger percentage than the October 2011. New home sales moved from 20 a year earlier to two after the figure moved from 11 in October 2010 to eight in October 2011.
A total of 105 new homes were sold during the 12 months that ended in November, down from 123 for the year that ended in October.
New home sales represented two out of the 578 total sales, which is a smaller percentage than the 20 of 738 total sales a year earlier. Following a year-over-year decline in October, sales of new and existing homes also declined year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $390,000 in November 2011, down from $562,502 a year earlier. This was on the heels of a 66.2% bump in October year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $392,678 to $321,125. Average mortgage size on new homes went from $401,321 in October 2010 to $530,034 in October 2011. The overall percentage of sale price that was being financed grew 12.5 percentage points year-over-year to 82.3% in November 2011. In October 2011, there was a 16.7 percentage point drop in October from a year earlier.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up one of two new home sales after accounting for nine of 20 a year earlier. Meanwhile, single-family homes made up one of two new home sales after making up 11 of 20 a year earlier.
The average unit size of newly sold homes fell from 2,637 square feet a year earlier to 1,756 square feet.
Foreclosures and real estate owned (REO) sales continued to drop from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO sales made up 14.9% of existing home sales, down from 27.7% a year earlier. The percentage of existing home sales involving foreclosures fell to 7.5% in November from 17.0% a year earlier while REO sales as a percentage of existing home sales slipped to 7.5% from 10.7% a year earlier.
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Source: Housing Intelligence