Prices of New Homes Rise in New Haven, Sales Steady According to Latest Figures
Posted on: Aug 08, 2014 11:38:45 AM
Closings of new homes in the New Haven, CT market remained unchanged year-over-year in May, staying level after a year-over-year decline in April from the year earlier. Closings remained level at 5 from a year earlier after the figure moved from 4 in April 2013 to 1 in April 2014.
Out of the 734 total closings, 5 were new home closings. This is consistent on a percentage basis with a year earlier. After rising year-over-year in April, closings of new and existing homes declined year-over-year in May.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $765,180 from $388,662 a year ago. This came after a 10.2% drop in April from a year earlier.
Average mortgage size on new homes went from $289,275 a year earlier to $878,405. Average mortgage size on new homes went from $558,900 in April 2013 to $100,000 in April 2014.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.