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.