New home closings in the Springfield, MA market were unchanged year-over-year in October, staying level after a year-over-year decline in September from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in September 2014 to none in September 2015.
1 of the 739 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Following a year-over-year increase in September, closings of new and existing homes also grew year-over-year in October.
The average price of new homes was $361,000, an increase from $251,000 a year earlier. This followed a.
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 rose from 1,075 square feet a year earlier to 1,752 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in October, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 12.9% of existing home closings, down from 14.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.7% in October from 8.9% a year earlier while REO closings as a percentage of existing home closings climbed to 7.2% from 5.4%.