In the Worcester, MA market in April, new home closings declined year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 15 a year earlier to none after the figure moved from 15 in March 2015 to 4 in March 2016.
Last year, 15 of 815 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 840 total closings. For new and existing homes, closings jumped year-over-year in April after also increasing in March year-over-year.
Other Market Trends
There were no new home closings in April 2016, but average size of newly sold homes was 2,169 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 17.9% of existing home closings, down from 23.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.1% in April from 10.4% a year earlier while REO closings as a percentage of existing home closings dropped to 10.7% from 13.4% a year earlier.