Prices of New Homes Rise in Barnstable Town, Sales Fall According to Freshest Data
Posted on: Apr 06, 2014 07:03:35 AM
New home closings in the Barnstable Town, MA market dropped year-over-year in November, and the decline was by a larger percentage than the October 2013. New home closings moved from 6 a year earlier to 1 after the figure moved from 4 in October 2012 to 1 in October 2013.
New home closings represented 1 out of the 379 total closings, which is a smaller percentage than the 6 of 470 total closings a year earlier. For new and existing homes, closings sank in November after also declining in October year-over-year.
The average new home value went from $363,400 last year to $595,000. This came after a 1.5% hike in October year-over-year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2013.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 6.1% of existing home closings, below 9.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 1.3% in November from 2.4% a year earlier while REO closings as a percentage of existing home closings dropped to 4.8% from 7.5% a year earlier.