In the Springfield, MA market in February, closings of new homes fell year-over-year, but the decline was less than the year-over-year decline in January. New home closings moved from 3 a year earlier to 1 after the figure moved from 5 in January 2015 to 1 in January 2016.
A total of 40 new homes were sold during the 12 months that ended in February, down from 42 for the year that ended in January.
1 of the 533 total closings were new home closings, a shift on a percentage basis from 3 out of 339 a year earlier. After staying stable in January from a year earlier, closings of new and existing homes rose in February.
The average new home price was $160,000, down from $251,800 a year earlier. This followed a 46.9% drop in January 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 fell from 1,663 square feet a year earlier to 697 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in February from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings represented 25.8% of existing home closings, up from 21.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.2% in February from 8.9% a year earlier while REO closings as a percentage of existing home closings jumped to 13.5% from 12.5%.