New home closings in the Worcester, MA market slid year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 20 a year earlier to 2 after the figure moved from 13 in July 2014 to 1 in July 2015.
A total of 63 new homes were sold during the 12 months that ended in August, down from 81 for the year that ended in July.
Last year, 20 of 990 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 1,210 total closings. Following a year-over-year increase in July, closings of new and existing homes also jumped year-over-year in August.
Pricing and Mortgage Trends
The average new home value went from $373,198 last year to $467,756. This came after a 19.9% hike in July year-over-year.
The average mortgage size on new homes was $394,150, up from $270,983. Average mortgage size on new homes went from $344,243 in July 2014 to $485,025 in July 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 2,078 square feet a year earlier to 2,145 square feet.
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 14.9% of existing home closings, up from 13.5% a year earlier. The percentage of existing home closings involving foreclosures went from 5.8% in August 2014 to 5.5% in August 2015 and REO closings as a percentage of existing home closings climbed to 9.4% from 7.7%.