In the Springfield, MA market in January, closings of new homes sank year-over-year, but the decline was less than the year-over-year decline in December. New home closings moved from 5 a year earlier to 1 after the figure moved from 6 in December 2014 to 1 in December 2015.
A total of 37 new homes were sold during the 12 months that ended in January, down from 41 for the year that ended in December.
1 of the 462 total closings were new home closings, a shift on a percentage basis from 5 out of 477 a year earlier. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $150,100, down from last year's $282,506. This followed a 41.4% fall in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $180,660 to $120,000. Average mortgage size on new homes went from $248,026 in December 2014 to $168,150 in December 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 fell from 1,898 square feet a year earlier to 978 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 15.2% of existing home closings, below 23.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.0% in January from 12.9% a year earlier and REO closings moved from 10.8% of existing home closings in January 2015 to 10.2% in January 2016.