New Home Sales Decline in Springfield According to Newest Data
Posted on: Jul 06, 2014 07:35:15 AM
The Springfield, MA market saw a drop in new home closings year-over-year in March, declining after staying relatively stable in February from the year earlier. Closings stood at 0 in March after being 5 a year earlier and remaining unchanged at 1 in February from a year earlier.
New home closings were 1.1% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 381 total closings. Closings of new and existing homes declined year-over-year in March after also falling in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 16.5% of existing home closings, down from 18.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.2% in March from 5.7% a year earlier and REO closings moved from 13.1% of existing home closings in March 2013 to 12.3% in March 2014.
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