New home closings in the Springfield, MA market were unchanged year-over-year in April, staying level after a year-over-year decline in March from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 5 in March 2015 to 2 in March 2016.
A total of 37 new homes were sold during the 12 months that ended in April, equal to the number of new homes sold for the year that ended in March.
New home closings were 2 out of the 592 total closings, same on a percentage basis as a year earlier. Closings of new and existing homes climbed year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average new home value went from $136,300 last year to $257,500. This came after a 30.7% drop in March from a year earlier.
Average mortgage size on new homes went from $67,000 a year earlier to $212,500.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 15.9% of existing home closings, below 16.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.0% in April from 5.3% a year earlier while REO closings as a percentage of existing home closings sank to 6.9% from 11.0% a year earlier.