Newest Numbers Show New Home Closings Climb in Worcester, Prices Decrease
Posted on: Jul 06, 2014 07:40:12 AM
In the Worcester, MA market in March, new home closings rose year-over-year, and the increase was greater than February 2014. New home closings moved from 13 a year earlier to 17 after the figure moved from 13 in February 2013 to 16 in February 2014.
A total of 263 new homes were sold during the 12 months that ended in March, up from 259 for the year that ended in February.
17 of the 640 total closings were new home closings, a shift on a percentage basis from 13 out of 683 a year earlier. For new and existing homes, closings slid in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2014 was $428,585, down from last year's $437,814. This came after a 1.7% fall in February from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $379,104 to $346,838. Average mortgage size on new homes went from $307,953 in February 2013 to $316,528 in February 2014.