New Home Sales Fall in Springfield According to Latest Data
Posted on: Aug 08, 2014 11:51:02 AM
Closings of new homes slid year-over-year in March in the Springfield, MA market, falling after remaining level 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.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.1% a year earlier. Following a year-over-year decline in February, closings of new and existing homes also fell year-over-year in March.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline 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 declined 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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