New Haven, CT - Recent New Home Sales Numbers Give Hints Market Decrease is Deepening
Posted on: Feb 06, 2012 09:32:56 AM
In the New Haven, CT market, sales of new homes dropped year-over-year in November, and the decline was by a larger percentage than the October 2011. New home sales moved from 25 a year earlier to eight after the figure moved from 21 in October 2010 to 12 in October 2011.
A total of 162 new homes were sold during the 12 months that ended in November, down from 179 for the year that ended in October.
New home sales were eight of the 632 total sales, down on a percentage basis from 25 of 653 a year earlier. Sales of new and existing homes declined year-over-year in November after also falling in October year-over-year.
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Pricing and Mortgage Trends
The average new home price was $384,419 in November 2011, up from $310,206 a year earlier. This was on the heels of a 4.2% decline in October from a year earlier.
Average mortgage size on new homes rose from $228,864 to $415,212. Average mortgage size on new homes went from $295,455 in October 2010 to $161,166 in October 2011.
New Haven, CT - Recent New Home Sales Numbers Give Hints Market Decrease is Deepening
Posted on: Feb 06, 2012 09:32:56 AM
In the New Haven, CT market, sales of new homes dropped year-over-year in November, and the decline was by a larger percentage than the October 2011. New home sales moved from 25 a year earlier to eight after the figure moved from 21 in October 2010 to 12 in October 2011.
A total of 162 new homes were sold during the 12 months that ended in November, down from 179 for the year that ended in October.
New home sales were eight of the 632 total sales, down on a percentage basis from 25 of 653 a year earlier. Sales of new and existing homes declined year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $384,419 in November 2011, up from $310,206 a year earlier. This was on the heels of a 4.2% decline in October from a year earlier.
Average mortgage size on new homes rose from $228,864 to $415,212. Average mortgage size on new homes went from $295,455 in October 2010 to $161,166 in October 2011.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up six of eight new home sales after accounting for 18 of 25 a year earlier. Meanwhile, attached units made up two of eight new home sales after making up seven of 25 sales a year earlier.
The average unit size of newly sold homes fell from 2,747 square feet a year earlier to 1,921 square feet.
Foreclosures and real estate owned (REO) sales declined in November from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales made up 28.4% of existing home sales, below 38.5% a year earlier. The percentage of existing home sales involving foreclosures slipped to 13.5% in November from 21.0% a year earlier while REO sales as a percentage of existing home sales fell to 14.9% from 17.5% a year earlier.
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Source: Housing Intelligence