Newest Numbers Show New Home Closings Climb in Hartford, Prices Decrease
Posted on: Dec 06, 2013 07:20:37 AM
There was an increase in closings of new homes in the Hartford, CT market in September year-over-year, and with a more robust lift than August 2013, there are suggestions the market may be strengthening. Closings increased 7.7% from a year earlier to 28. This came after a 7.1% rise year-over-year in August.
A total of 279 new homes were sold during the 12 months that ended in September, up from 277 for the year that ended in August.
Closings of new homes represented 2.3% of total closings, consistent with last year's figures. Closings of new and existing homes grew year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes sank by 4.6% year-over-year to $425,736 per unit in September. This fall compares to a 25.8% lift in August year-over-year.
The average mortgage size on new homes moved north year-over-year in contrast to new home prices. The average mortgage size rose to $317,127 in September, marking a 9.7% hike compared with a year earlier. In August 2013, average mortgage size on newly sold homes saw a 13.9% surge year-over-year from a year earlier.