New home closings in the Springfield, MA market fell year-over-year in November, a decline following a rise in October 2015. New home closings moved from 3 a year earlier to 1 after the figure moved from 2 in October 2014 to 3 in October 2015.

1 of the 500 total closings were new home closings, a shift on a percentage basis from 3 out of 538 a year earlier. After rising year-over-year in October, closings of new and existing homes dropped year-over-year in November.

Pricing and Mortgage Trends

The average new home price was $374,900, up from $242,600 a year earlier. This was on the heels of a 6.2% gain in October year-over-year.

Average mortgage size on new homes fell from $223,000 to $150,000. Average mortgage size on new homes went from $228,700 in October 2014 to $65,000 in October 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 rose from 1,073 square feet a year earlier to 2,192 square feet.

Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 16.8% of existing home closings, higher than 13.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.4% in November from 6.2% a year earlier while REO closings as a percentage of existing home closings increased to 8.4% from 7.3%.

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