New Home Sales and Prices Both Increase in Norwich According to Latest Data
Posted on: Apr 06, 2014 07:30:17 AM
In the Norwich, CT market in January, new home closings grew year-over-year, rebounding from a year-over-year decline in December 2013. New home closings moved from 3 a year earlier to 4 after the figure moved from 7 in December 2012 to 3 in December 2013.
A total of 35 new homes were sold during the 12 months that ended in January, up from 34 for the year that ended in December.
New home closings were 4 out of 161 total closings, making up 2.5%. This is up on a percentage basis from 3 of 209 a year earlier. After rising year-over-year in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $321,698, an increase from $169,300 a year earlier. This followed a 13.7% hike in December year-over-year.
The average mortgage size on new homes was $285,089, up from $18,000. Average mortgage size on new homes went from $313,649 in December 2012 to $394,719 in December 2013.