New home closings fell year-over-year in March in the Worcester, MA market, but the decline was less than the year-over-year decline in February. New home closings moved from 15 a year earlier to 4 after the figure moved from 26 in February 2015 to 1 in February 2016.
A total of 135 new homes were sold during the 12 months that ended in March, down from 146 for the year that ended in February.
Last year, 15 of 732 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 858 total closings. Following a year-over-year increase in February, closings of new and existing homes also rose year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $394,080 last year to $483,218. This came after a 6.6% surge in February year-over-year.
Average mortgage size on new homes increased to $378,070 from $269,767 last year. Average mortgage size on new homes went from $314,341 in February 2015 to $411,000 in February 2016.
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.
The average unit size of newly sold homes fell from 1,984 square feet a year earlier to 1,766 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 23.3% of closings, below 26.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.5% in March from 11.6% a year earlier while REO closings as a percentage of existing home closings dropped to 12.8% from 14.6% a year earlier.