Newest Figures Show New Home Sales Gain in Norwich, Prices Fall
Posted on: Aug 08, 2014 11:39:33 AM
In April, closings of new homes in the Norwich, CT market climbed year-over-year, rebounding from a year-over-year decline in March 2014. New home closings moved from 1 a year earlier to 5 after the figure moved from 3 in March 2013 to 1 in March 2014.
A total of 38 new homes were sold during the 12 months that ended in April, up from 34 for the year that ended in March.
New home closings were 5 out of 234 total closings, making up 2.1%. This is up on a percentage basis from 1 of 236 a year earlier. Closings of new and existing homes remained steady in April after rising in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $363,614, compared with $656,412 last year. This was on the heels of a 53.4% drop in March from a year earlier.
There was a decline in average mortgage size on new homes, going from $525,129 last year to $320,583 in April 2014.