Latest Numbers Show Prices of New Homes Increase in Norwich, Sales Drop
Posted on: Dec 06, 2013 07:33:43 AM
In the Norwich, CT market, closings of new homes slid year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 3 a year earlier to 2 after the figure moved from 4 in August 2012 to 2 in August 2013.
A total of 36 new homes were sold during the 12 months that ended in September, down from 37 for the year that ended in August.
New home closings were 2 out of the 249 total closings, a move on a percentage basis from 3 of 205 a year earlier. Following a year-over-year increase in August, closings of new and existing homes also increased year-over-year in September.
Pricing and Mortgage Trends
The average new home value went from $294,667 last year to $537,277. This was on the heels of a move from $365,084 per unit to $367,000 from August 2012 to August 2013.
From the year-ago figure of $257,770, the average mortgage size on new homes moved up to $411,000. Average mortgage size on new homes went from $273,118 in August 2012 to $350,000 in August 2013.