In the Worcester, MA market in May, new home closings dropped year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 18 a year earlier to none after the figure moved from 16 in April 2015 to 3 in April 2016.
New home closings were none out of the 1,106 total closings, down on a percentage basis from 18 of 1,075 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also jumped year-over-year in May.
Other Market Trends
There were no new home closings in May 2016, but average size of newly sold homes was 2,226 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 17.1% of closings, below 17.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.1% in May from 8.8% a year earlier while REO closings as a percentage of existing home closings climbed to 9.9% from 8.7%.