New home closings in the Worcester, MA market declined year-over-year in June, and the decline was similar to May 2015. New home closings moved from 9 a year earlier to 3 after the figure moved from 9 in May 2014 to 3 in May 2015.
A total of 75 new homes were sold during the 12 months that ended in June, down from 81 for the year that ended in May.
3 of the 1,323 total closings were new home closings, a shift on a percentage basis from 9 out of 1,123 a year earlier. For new and existing homes, closings grew year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $488,052 from $476,043 a year ago. This was on the heels of a 2.4% bump in May year-over-year.
The average mortgage size on new homes was $417,000, up from $340,094. Average mortgage size on new homes went from $348,174 in May 2014 to $386,314 in May 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes went from 2,205 square feet in June 2014 to 2,212 square feet in June 2015.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 14.5% of existing home closings, higher than 13.8% a year earlier. The percentage of existing home closings involving foreclosures went from 6.0% in June 2014 to 6.7% in June 2015 and REO closings as a percentage of existing home closings stayed level at 7.9%.