Prices of New Homes Gain in New Haven, Sales Decrease According to Recent Data
Posted on: May 06, 2013 07:25:49 AM
In the New Haven, CT market, new home closings dropped year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from seven a year earlier to six after the figure moved from 19 in January 2012 to seven in January 2013.
A total of 139 new homes were sold during the 12 months that ended in February, down from 140 for the year that ended in January.
New home closings were six out of the 536 total closings, a move on a percentage basis from seven of 445 a year earlier. After dropping in January from a year earlier, closings of new and existing homes jumped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $424,685 from last year's $382,858. This was on the heels of a 18.6% bump in January year-over-year.
Average mortgage size on new homes rose from $239,000 to $324,960. Average mortgage size on new homes went from $298,516 in January 2012 to $369,083 in January 2013. The overall percentage of sale price that was being financed climbed 14.1 percentage points year-over-year to 76.5% in February 2013.
Prices of New Homes Gain in New Haven, Sales Decrease According to Recent Data
Posted on: May 06, 2013 07:25:49 AM
In the New Haven, CT market, new home closings dropped year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from seven a year earlier to six after the figure moved from 19 in January 2012 to seven in January 2013.
A total of 139 new homes were sold during the 12 months that ended in February, down from 140 for the year that ended in January.
New home closings were six out of the 536 total closings, a move on a percentage basis from seven of 445 a year earlier. After dropping in January from a year earlier, closings of new and existing homes jumped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $424,685 from last year's $382,858. This was on the heels of a 18.6% bump in January year-over-year.
Average mortgage size on new homes rose from $239,000 to $324,960. Average mortgage size on new homes went from $298,516 in January 2012 to $369,083 in January 2013. The overall percentage of sale price that was being financed climbed 14.1 percentage points year-over-year to 76.5% in February 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family homes continued to account for all of new home closings.
The average unit size of newly sold homes fell from 3,422 square feet a year earlier to 1,607 square feet.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 30.4% of existing home closings, down from 44.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.1% in February from 23.1% a year earlier while REO closings as a percentage of existing home closings fell to 19.2% from 21.5% a year earlier.
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Source: Housing Intelligence