New home sales dropped year-over-year in September in the New Haven, CT market, and the decline was by a larger percentage than the August 2011. New home sales moved from 23 a year earlier to nine after the figure moved from 29 in August 2010 to 15 in August 2011.
In the 12 months ending September 2011, there were 188 new home sales, down from an annualized 202 in August.
New home sales were nine of the 586 total sales, down on a percentage basis from 23 of 803 a year earlier. Following a year-over-year decline in August, sales of new and existing homes also slid year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $359,926, up from $312,509 a year earlier. This came after a 8.5% rise in August year-over-year.
Average mortgage size on newly sold homes saw a decline from $239,520 to $229,356. In August 2011, average mortgage size climbed 18.5% from a year earlier. The overall percentage of sale price that was being financed declined 12.9 percentage points year-over-year to 63.7% in September 2011. This came after a 5.9 percentage point rise in August from a year earlier.
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 eight of nine new home sales after accounting for 20 of 23 a year earlier. Meanwhile, attached units made up one of nine new home sales after making up one of 23 sales a year earlier.
The average unit size of newly sold homes rose from 1,957 square feet a year earlier to 2,207 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales accounted for 31.0% of existing home sales. They made up 38.2% of sales in September 2010. From a year earlier, foreclosures slipped to 13.0% of existing home sales in September after a figure of 20.3% of sales in September 2010 while REO sales stayed level at 18.0% of existing sales.
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