New Home Closings and Prices in Hartford Fall According to Recent Figures
Posted on: Mar 06, 2014 07:18:01 AM
In December, the Hartford, CT market saw a fall year-over-year in new home closings, but the percentage decline, which was less than that of November 2013, gave signs that the market may be leveling out. New home closings saw a 17.6% decline from a year earlier to 28. This came on the heels of a 21.4% decline year-over-year in November.
A total of 281 new homes were sold during the 12 months that ended in December, down from 287 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 2.4% of overall housing closings. New home closings were 3.0% of overall closings last year. Closings of new and existing homes jumped year-over-year in December following a drop in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 3.9% drop year-over-year to $417,841 per unit in December. This fall is a drop off from the 5.9% decline in November from a year earlier.
Average mortgage size on new homes increased year-over-year in contrast to new home prices. In December 2013, the average mortgage size was $339,995, a 13.0% bump from a year earlier. Average mortgage size rose 6.9% in November 2013 from a year earlier.