In the Worcester, MA market in May, closings of new homes declined year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 18 a year earlier to none after the figure moved from 16 in April 2015 to 3 in April 2016.
New home closings represented none out of the 1,106 total closings, which is a smaller percentage than the 18 of 1,075 total closings a year earlier. Closings of new and existing homes increased year-over-year in May after also rising in April year-over-year.
Other Market Trends
There were no new home closings in May 2016, but average size of newly sold homes was 2,226 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 17.1% of closings, below 17.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.1% in May from 8.8% a year earlier while REO closings as a percentage of existing home closings gained to 9.9% from 8.7%.