Latest Numbers Indicate New Home Closings and Prices Decline in Springfield
Posted on: Dec 06, 2013 07:45:18 AM
In the Springfield, MA market, new home closings dropped year-over-year in August, and the decline was by a larger percentage than the July 2013. New home closings moved from 8 a year earlier to 1 after the figure moved from 9 in July 2012 to 3 in July 2013.
A total of 41 new homes were sold during the 12 months that ended in August, down from 48 for the year that ended in July.
1 of the 696 total closings were new home closings, a shift on a percentage basis from 8 out of 758 a year earlier. Following a year-over-year rise in July, closings of new and existing homes sank year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $140,000, down from $254,375 a year earlier. This was on the heels of a 26.7% drop in July from a year earlier.
There was a decline in average mortgage size on new homes, going from $196,352 last year to $120,000 in August 2013. Average mortgage size on new homes went from $367,051 in July 2012 to $223,750 in July 2013.