In the Springfield, MA market, new home closings dropped year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 6 a year earlier to 1 after the figure moved from 3 in November 2014 to 2 in November 2015.
A total of 41 new homes were sold during the 12 months that ended in December, down from 46 for the year that ended in November.
1 of the 592 total closings were new home closings, a shift on a percentage basis from 6 out of 611 a year earlier. Closings of new and existing homes fell year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $177,000, compared with $302,139 last year. This came after a 9.0% gain in November year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $248,026 to $168,150. Average mortgage size on new homes went from $223,000 in November 2014 to $150,000 in November 2015.
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 2,013 square feet a year earlier to 1,226 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 14.6% of existing closings, lower than 17.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.3% in December from 9.4% a year earlier while REO closings as a percentage of existing home closings declined to 7.3% from 8.4% a year earlier.