Closings of new homes in the Springfield, MA market declined year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 5 a year earlier to 2 after the figure moved from 3 in February 2015 to 1 in February 2016.
A total of 37 new homes were sold during the 12 months that ended in March, down from 40 for the year that ended in February.
2 of the 605 total closings were new home closings, a shift on a percentage basis from 5 out of 465 a year earlier. Closings of new and existing homes grew year-over-year in March after also rising in February year-over-year.
The average new home price was $235,250, down from $339,229 a year earlier. This came after a 36.5% drop in February from a year earlier.
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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 16.7% of existing closings, lower than 22.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.1% in March from 10.4% a year earlier while REO closings as a percentage of existing home closings sank to 8.6% from 12.4% a year earlier.