Prices of New Homes Climb in Hartford, Sales Drop According to Freshest Data
Posted on: May 06, 2013 07:15:31 AM
The Hartford, CT market saw a drop in new home closings year-over-year in February, and the decline was by a larger percentage than the January 2013. New home closings moved from 15 a year earlier to 12 after the figure moved from 22 in January 2012 to 18 in January 2013.
A total of 295 new homes were sold during the 12 months that ended in February, down from 298 for the year that ended in January.
New home closings were 12 out of the 733 total closings, a move on a percentage basis from 15 of 615 a year earlier. For new and existing homes, closings grew year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $434,656 from last year's $411,204. This was on the heels of a 45.2% boost in January year-over-year.
The average mortgage size moved to $327,370, down from last year's $344,858. In January 2013, average mortgage size on newly sold homes saw a 36.1% lift year-over-year from a year earlier. The overall percentage of sale price that was being financed declined 8.5 percentage points year-over-year to 75.3% in February 2013.
Prices of New Homes Climb in Hartford, Sales Drop According to Freshest Data
Posted on: May 06, 2013 07:15:31 AM
The Hartford, CT market saw a drop in new home closings year-over-year in February, and the decline was by a larger percentage than the January 2013. New home closings moved from 15 a year earlier to 12 after the figure moved from 22 in January 2012 to 18 in January 2013.
A total of 295 new homes were sold during the 12 months that ended in February, down from 298 for the year that ended in January.
New home closings were 12 out of the 733 total closings, a move on a percentage basis from 15 of 615 a year earlier. For new and existing homes, closings grew year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $434,656 from last year's $411,204. This was on the heels of a 45.2% boost in January year-over-year.
The average mortgage size moved to $327,370, down from last year's $344,858. In January 2013, average mortgage size on newly sold homes saw a 36.1% lift year-over-year from a year earlier. The overall percentage of sale price that was being financed declined 8.5 percentage points year-over-year to 75.3% 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 all of new home closings after accounting for 11 of 15 last year. Meanwhile, attached units made up no part of new home closings after making up four of 15 closings a year earlier.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Together, foreclosures plus REO closings made up 28.6% of existing home closings. They represented 27.5% in February 2012. The percentage of existing home closings involving foreclosures slipped to 11.7% in February from 14.0% a year earlier while REO closings as a percentage of existing home closings increased to 16.9% from 13.5%.
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Source: Housing Intelligence