Closings of new homes in the Worcester, MA market fell year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 6 a year earlier to none after the figure moved from 12 in October 2014 to 3 in October 2015.
None of the 819 total closings were new home closings, a shift on a percentage basis from 6 out of 792 a year earlier. For new and existing homes, closings rose year-over-year in November after also increasing in October year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 17.9% of existing home closings, up from 17.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.2% in November from 9.7% a year earlier while REO closings as a percentage of existing home closings jumped to 9.8% from 7.5%.