Norwich, CT - Latest New Home Sales Numbers Give Hints Market Drop is Deepening
Posted on: Feb 06, 2012 09:33:26 AM
Sales of new homes in the Norwich, CT market slid year-over-year in November, and the decline was by a larger percentage than the October 2011. New home sales moved from seven a year earlier to none after the figure moved from 10 in October 2010 to two in October 2011.
A total of 38 new homes were sold during the 12 months that ended in November, down from 45 for the year that ended in October.
Last year, seven of 219 total sales were new homes, and this percentage saw a decline as new home sales this year made up none of the 145 total sales. Sales of new and existing homes fell year-over-year in November after also falling in October year-over-year.
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Other Market Trends
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Together, foreclosures plus REO sales accounted for 17.9% of existing home sales. They made up 25.9% in November 2010. The percentage of existing home sales involving foreclosures slipped to 8.3% in November from 11.8% a year earlier while REO sales as a percentage of existing home sales dipped to 9.7% from 14.2% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Norwich, CT - Latest New Home Sales Numbers Give Hints Market Drop is Deepening
Posted on: Feb 06, 2012 09:33:26 AM
Sales of new homes in the Norwich, CT market slid year-over-year in November, and the decline was by a larger percentage than the October 2011. New home sales moved from seven a year earlier to none after the figure moved from 10 in October 2010 to two in October 2011.
A total of 38 new homes were sold during the 12 months that ended in November, down from 45 for the year that ended in October.
Last year, seven of 219 total sales were new homes, and this percentage saw a decline as new home sales this year made up none of the 145 total sales. Sales of new and existing homes fell year-over-year in November after also falling in October year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Together, foreclosures plus REO sales accounted for 17.9% of existing home sales. They made up 25.9% in November 2010. The percentage of existing home sales involving foreclosures slipped to 8.3% in November from 11.8% a year earlier while REO sales as a percentage of existing home sales dipped to 9.7% from 14.2% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence