Norwich, CT - Local Housing Data - Summary

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Norwich, New London, CT

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Norwich, CT Local News

New Home Sales Rise in Norwich, Prices Decline According to Newest Data

Posted on: Jul 06, 2014 07:26:18 AM

In the Norwich, CT market in April, closings of new homes increased 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 of the 234 total closings, up on a percentage basis from 1 of 236 a year earlier. After increasing in March from a year earlier, closings of new and existing homes remained level in April.

Pricing and Mortgage Trends

The average value of newly sold homes in April 2014 was $363,614, down from last year's $656,412. This was on the heels of a 53.4% fall 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.

 
 
 

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