In June, the Worcester, MA market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in May. New home closings moved from 20 a year earlier to 2 after the figure moved from 18 in May 2015 to none in May 2016.
Last year, 20 of 1,374 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 1,429 total closings. Following a year-over-year increase in May, closings of new and existing homes also increased year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $406,806, down from $429,060 a year earlier. This came after a.
The average mortgage size moved to $248,700, down from last year's $335,454.
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 2,338 square feet a year earlier to 1,640 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 14.1% of existing home closings, down from 15.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.1% in June from 7.2% a year earlier and REO closings moved from 8.1% of existing home closings in June 2015 to 9.0% in June 2016.