New home sales declined year-over-year in September in the Bridgeport, CT market, and the decline was by a larger percentage than the August 2011. New home sales moved from 12 a year earlier to seven after the figure moved from 14 in August 2010 to nine in August 2011.

In the 12 months ending September 2011, there were 126 new home sales, down from an annualized 131 in August.

Seven of the 709 total sales were new homes, versus 12 of 798 a year ago. This marks a change on a percentage basis. Following a year-over-year decline in August, sales of new and existing homes also slid year-over-year in September.

The average new home price in September 2011 went down to $660,833 from $741,627 last year. This was on the heels of a 41.9% gain in August year-over-year.

Average mortgage size on new homes fell from $596,328 to $377,500. Average mortage size on new homes went from $402,613 in August 2010 to $714,208 in August 2011. The overall percentage of sale price that was being financed fell 23.3 percentage points year-over-year to 57.1% in September 2011. In August 2011, there was an 18.0 percentage point bump from a year earlier.

As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up five of seven new home sales after accounting for five of 12 a year earlier. Meanwhile, attached units made up two of seven new home sales after making up two of 12 sales a year earlier.

The average unit size of newly sold homes fell from 2,792 square feet a year earlier to 2,311 square feet.

Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Out of all existing home sales, foreclosures combined with REO sales made up 14.8% of sales. They accounted for 24.0% of sales in September 2010. From a year earlier, foreclosures slipped to 6.7% of existing home sales in September after a figure of 12.8% of sales in September 2010 while REO sales as a percentage of existing home sales dipped to 8.1% of sales from 11.2% of sales a year earlier.

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