Latest Figures Show New Home Prices Gain, Sales Fall in Norwich
Posted on: Mar 06, 2014 07:30:29 AM
Closings of new homes in the Norwich, CT market sank year-over-year in December, falling after a rise in November 2013. New home closings moved from 7 a year earlier to 3 after the figure moved from 3 in November 2012 to 6 in November 2013.
A total of 34 new homes were sold during the 12 months that ended in December, down from 38 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 1.2% from 3.3% a year earlier. Closings of new and existing homes rose year-over-year in December following a drop in November year-over-year.
Pricing and Mortgage Trends
The average new home value went from $387,166 last year to $440,055. This was on the heels of a 21.5% hike in November year-over-year.
Average mortgage size on new homes increased to $394,719 from $313,649 last year. Average mortgage size on new homes went from $274,794 in November 2012 to $343,153 in November 2013.