The Worcester, MA market saw a drop in new home closings year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 15 a year earlier to 4 after the figure moved from 26 in February 2015 to 1 in February 2016.
A total of 135 new homes were sold during the 12 months that ended in March, down from 146 for the year that ended in February.
New home closings were 2.0% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 4 of the 858 total closings. Following a year-over-year increase in February, closings of new and existing homes also gained year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes was $483,218, an increase from $394,080 a year earlier. This followed a 6.6% surge in February year-over-year.
Average mortgage size on new homes went from $269,767 a year earlier to $378,070. Average mortgage size on new homes went from $314,341 in February 2015 to $411,000 in February 2016.
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 fell from 1,984 square feet a year earlier to 1,766 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 23.3% of closings, below 26.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.5% in March from 11.6% a year earlier while REO closings as a percentage of existing home closings sank to 12.8% from 14.6% a year earlier.