In the Worcester, MA market in December, new home closings declined year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 13 a year earlier to 4 after the figure moved from 7 in November 2014 to 1 in November 2015.
A total of 122 new homes were sold during the 12 months that ended in December, down from 131 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 0.5% from 1.5% a year earlier. For new and existing homes, closings jumped year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $486,425, up from $429,584 a year earlier. This came after a move from $372,304 per unit in November 2014 to $372,900 in November 2015.
Average mortgage size on new homes rose from $313,128 to $428,641. Average mortgage size on new homes went from $278,621 in November 2014 to $354,255 in November 2015.
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.
The average unit size of newly sold homes rose from 2,100 square feet a year earlier to 2,793 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. Out of all existing home closings, foreclosures combined with REO closings made up 17.9% of closings, below 21.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.9% in December from 10.9% a year earlier while REO closings as a percentage of existing home closings climbed to 12.0% from 10.5%.