Worcester, MA - Newest New Home Sales Numbers Suggest Market Drop is Deepening
Posted on: Feb 06, 2012 09:47:14 AM
Sales of new homes in the Worcester, MA market declined year-over-year in October, and the decline was by a larger percentage than the September 2011. New home sales moved from 17 a year earlier to nine after the figure moved from 27 in September 2010 to 15 in September 2011.
A total of 170 new homes were sold during the 12 months that ended in October, down from 178 for the year that ended in September.
New home sales accounted for nine of the 310 total sales, a smaller percentage compared with 17 of 331 sales a year earlier. Following a year-over-year decline in September, sales of new and existing homes also slipped year-over-year in October.
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Pricing and Mortgage Trends
The average new home value went from $342,684 last year to $346,929,. This was on the heels of a 4.7% rise in September year-over-year.
Average mortgage size on new homes rose from $214,901 to $239,300. In September 2011, average mortgage size grew 16.5% from a year earlier. Of the overall sale price, the percentage that was being financed rose 6.3 percentage points year-over-year to 69.0% in October 2011.
Worcester, MA - Newest New Home Sales Numbers Suggest Market Drop is Deepening
Posted on: Feb 06, 2012 09:47:14 AM
Sales of new homes in the Worcester, MA market declined year-over-year in October, and the decline was by a larger percentage than the September 2011. New home sales moved from 17 a year earlier to nine after the figure moved from 27 in September 2010 to 15 in September 2011.
A total of 170 new homes were sold during the 12 months that ended in October, down from 178 for the year that ended in September.
New home sales accounted for nine of the 310 total sales, a smaller percentage compared with 17 of 331 sales a year earlier. Following a year-over-year decline in September, sales of new and existing homes also slipped year-over-year in October.
Pricing and Mortgage Trends
The average new home value went from $342,684 last year to $346,929,. This was on the heels of a 4.7% rise in September year-over-year.
Average mortgage size on new homes rose from $214,901 to $239,300. In September 2011, average mortgage size grew 16.5% from a year earlier. Of the overall sale price, the percentage that was being financed rose 6.3 percentage points year-over-year to 69.0% in October 2011.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up six of nine new home sales after accounting for nine of 17 a year earlier. Meanwhile, single-family homes made up three of nine new home sales after making up eight of 17 a year earlier.
The average unit size of newly sold homes rose from 1,558 square feet a year earlier to 2,225 square feet.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales accounted for 85.4% of existing home sales. In October 2010, they made up 81.2%. The percentage of existing home sales involving foreclosures went from 49.7% in October 2010 to 48.8% in October 2011 and REO sales as a percentage of existing home sales increased to 36.5% from 31.5%.
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Source: Housing Intelligence