New Home Closings and Prices in Hartford Fall According to Newest Figures
Posted on: Aug 08, 2014 11:25:50 AM
In May, the Hartford, CT market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in April. New home closings moved from 21 a year earlier to 7 after the figure moved from 21 in April 2013 to 3 in April 2014.
A total of 99 new homes were sold during the 12 months that ended in May, down from 113 for the year that ended in April.
7 of the 1,029 total closings were new home closings, a shift on a percentage basis from 21 out of 1,331 a year earlier. After remaining steady in April from a year earlier, closings of new and existing homes fell year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2014 was $272,176, down from last year's $332,932. This was on the heels of a 17.7% rise in April year-over-year.
There was a decline in average mortgage size on new homes, going from $292,261 last year to $251,361 in May 2014. Average mortgage size on new homes went from $291,129 in April 2013 to $378,679 in April 2014.