Latest Numbers For Worcester Show New Home Closings and Prices Gain
Posted on: Mar 06, 2014 07:46:43 AM
Closings of new homes jumped year-over-year in November in the Worcester, MA market, but the increase was less than October 2013. New home closings moved from 14 a year earlier to 20 after the figure moved from 18 in October 2012 to 27 in October 2013.
A total of 256 new homes were sold during the 12 months that ended in November, up from 250 for the year that ended in October.
20 of the 709 total closings were new home closings, a shift on a percentage basis from 14 out of 739 a year earlier. For new and existing homes, closings declined in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $481,137 from last year's $353,131. This was on the heels of a 26.7% lift in October year-over-year.
Average mortgage size on new homes went from $299,765 a year earlier to $361,753. In October 2013, average mortgage size on newly sold homes saw a 16.5% bump year-over-year from a year earlier.