Recent Numbers Show New Home Prices Climb in Springfield, Sales Steady
Posted on: May 06, 2013 07:35:10 AM
Closings of new homes in the Springfield, MA market remained steady year-over-year in January, staying flat after dropping year-over-year in December from the year earlier. Closings remained level at four from a year earlier after the figure moved from five in December 2011 to one in December 2012.
A total of 76 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
Following a decline in December year-over-year, closings of new and existing homes rose year-over-year in January.
Pricing and Mortgage Trends
The average new home price in January 2013 went up to $285,750 from $161,500 a year ago. This was on the heels of a 69.5% fall in December from a year earlier.
Average mortgage size on new homes rose from $80,000 to $263,333.
Recent Numbers Show New Home Prices Climb in Springfield, Sales Steady
Posted on: May 06, 2013 07:35:10 AM
Closings of new homes in the Springfield, MA market remained steady year-over-year in January, staying flat after dropping year-over-year in December from the year earlier. Closings remained level at four from a year earlier after the figure moved from five in December 2011 to one in December 2012.
A total of 76 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
Following a decline in December year-over-year, closings of new and existing homes rose year-over-year in January.
Pricing and Mortgage Trends
The average new home price in January 2013 went up to $285,750 from $161,500 a year ago. This was on the heels of a 69.5% fall in December from a year earlier.
Average mortgage size on new homes rose from $80,000 to $263,333.
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. Single-family home closings made up three of four new home closings after accounting for two of four a year earlier. Meanwhile, attached units made up one of four new home closings after making up two of four closings a year earlier.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 26.9% of existing closings, lower than 44.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.3% in January from 22.5% a year earlier while REO closings as a percentage of existing home closings dipped to 20.6% from 22.2% a year earlier.
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Source: Housing Intelligence