In October, the Worcester, MA market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in September. New home closings moved from 8 a year earlier to 1 after the figure moved from 12 in September 2014 to none in September 2015.
New home closings were 1 out of the 997 total closings, a move on a percentage basis from 8 of 913 a year earlier. For new and existing homes, closings gained year-over-year in October after also increasing in September year-over-year.
The average price of new homes rose to $470,101 from last year's $350,963. This was on the heels of a.
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 fall from a year earlier in October, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 15.8% of closings, below 19.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.1% in October from 10.8% a year earlier while REO closings as a percentage of existing home closings stayed level at 8.6%.