Latest Numbers Show Prices of New Homes Climb in Hartford, Sales Drop
Posted on: Jul 06, 2014 07:15:21 AM
New home closings declined year-over-year in April in the Hartford, CT market, falling after a rise in March 2014. New home closings moved from 29 a year earlier to 16 after the figure moved from 14 in March 2013 to 20 in March 2014.
A total of 277 new homes were sold during the 12 months that ended in April, down from 290 for the year that ended in March.
Out of all housing closings, new home closings made up 1.6%. This is a fall 2.9% of closings a year earlier. After falling in March from a year earlier, closings of new and existing homes stayed steady in April.
Pricing and Mortgage Trends
The average price of newly sold homes increased year-over-year 43.4% in April to $416,981 per unit. This boost is better than the 17.7% gain in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In April 2014, average mortgage size rose 51.8% from a year earlier to $426,206. Average mortgage size on new homes went from $195,606 in March 2013 to $301,360 in March 2014.