In the Springfield, MA market in May, new home closings fell year-over-year, falling after remaining level in April from the year earlier. Closings stood at 1 in May after being 5 a year earlier and remaining unchanged at 2 in April from a year earlier.
A total of 32 new homes were sold during the 12 months that ended in May, down from 36 for the year that ended in April.
New home closings were 1 out of the 777 total closings, a move on a percentage basis from 5 of 696 a year earlier. For new and existing homes, closings jumped year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $132,500, down from last year's $324,124. This followed a 88.9% bump in April year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $180,000 to $95,000. Average mortgage size on new homes went from $67,000 in April 2015 to $212,500 in April 2016.
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 1,582 square feet a year earlier to 662 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 11.6% of closings, below 17.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.4% in May from 7.8% a year earlier while REO closings as a percentage of existing home closings declined to 6.2% from 9.3% a year earlier.