From: BUILDER 10 October 2011
Posted on: January 9, 2012
Bridgeport, CT Dashboard Reports

Bridgeport, CT - Recent Figures for New Home Sales Suggest Market Drop is Subsiding

By:: Market Intelligence Analytics

In the Bridgeport, CT market in October, sales of new homes slid year-over-year, but the decline was less than the year-over-year decline in September. New home sales moved from 11 a year earlier to eight after the figure moved from 12 in September 2010 to seven in September 2011.

A total of 123 new homes were sold during the 12 months that ended in October, down from 126 for the year that ended in September.

New home sales were eight out of the 626 total sales, a move on a percentage basis from 11 of 790 a year earlier. Following a year-over-year decline in September, sales of new and existing homes also fell year-over-year in October.

Pricing and Mortgage Trends

The average new home price was $820,882 in October 2011, moving north from $494,005 a year earlier. This came after a 10.9% fall in September from a year earlier.

Average mortgage size on new homes rose from $401,321 to $530,034. Average mortgage size on new homes went from $596,328 in September 2010 to $377,500 in September 2011. Of the overall sale price, the percentage that was being financed declined 16.7 percentage points year-over-year to 64.6% in October 2011.

Other Market Trends

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 six of eight new home sales after accounting for eight of 11 a year earlier. Meanwhile, attached units made up two of eight new home sales after making up three of 11 sales a year earlier.

The average unit size of newly sold homes rose from 1,713 square feet a year earlier to 1,756 square feet.

Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Combined, foreclosures plus REO sales represented 18.0% of existing home sales. They accounted for 24.0% in October 2010. The percentage of existing home sales involving foreclosures declined to 7.8% in October from 12.8% a year earlier and REO sales moved from 11.2% of existing home sales in October 2010 to 10.2% in October 2011.

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Subject: Local Markets, Economic Conditions, Home Prices
Location: Bridgeport, CT

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John McManus

Standard Pacific Strides Into the Black in Q1

Builder Pulse

John McManus is an award-winning editorial director for the Residential Construction Group at Hanley Wood in Washington, D.C. In addition to the BUILDER digital, print, and in-person editorial and programming portfolio, the group includes strategic content direction for AFFORDABLE HOUSING FINANCE, APARTMENT FINANCE TODAY, CUSTOM HOME, EcoHome, MULTIFAMILY EXECUTIVE, and residential architect.

Standard Pacific released first-quarter earnings post market close last night that beat Wall Street analysts' posted predictions. After a near brush with death in 2008, and life-support from MatlinPatterson's real estate funds, Standard Pacific's strategic, operational, and tactical planning and execution are playing well in what continues to be an adverse market environment in most of its competitive arenas.