Closings of new homes in the Springfield, MA market remained unchanged year-over-year in April, staying relatively stable after having decreased year-over-year in March. Closings remained level at 2 from a year earlier after the figure moved from 5 in March 2015 to 2 in March 2016.
A total of 37 new homes were sold during the 12 months that ended in April, equal to the number of new homes sold for the year that ended in March.
New home closings were 2 out of the 592 total closings, same on a percentage basis as a year earlier. Closings of new and existing homes gained year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $257,500, up from $136,300 a year earlier. This came after a 30.7% fall in March from a year earlier.
Average mortgage size on new homes rose from $67,000 to $212,500.
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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 15.9% of closings, below 16.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.0% in April from 5.3% a year earlier while REO closings as a percentage of existing home closings sank to 6.9% from 11.0% a year earlier.