Closings of new homes in the Boston, MA market declined year-over-year in October, and the decline was by a larger percentage than the September 2015. New home closings moved from 51 a year earlier to 12 after the figure moved from 41 in September 2014 to 15 in September 2015.
A total of 328 new homes were sold during the 12 months that ended in October, down from 367 for the year that ended in September.
New home closings were 12 out of the 5,214 total closings, a move on a percentage basis from 51 of 5,116 a year earlier. Closings of new and existing homes climbed year-over-year in October after also rising in September year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $450,310, compared with $464,902 last year. This was on the heels of a 39.4% surge in September year-over-year.
Average mortgage size on new homes fell from $319,865 to $249,410. In September 2015, average mortgage size declined 28.0% from a year earlier.
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 2,240 square feet a year earlier to 2,332 square feet.
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 made up 13.2% of closings, below 13.8% a year earlier. The percentage of existing home closings involving foreclosures went from 7.3% in October 2014 to 6.6% in October 2015 and REO closings as a percentage of existing home closings stayed level at 6.6%.