New Home Closings and Prices in Worcester Fall According to Newest Figures
Posted on: Aug 08, 2014 11:57:27 AM
Closings of new homes dropped year-over-year in April in the Worcester, MA market, and the decline was by a larger percentage than the March 2014. New home closings moved from 16 a year earlier to 1 after the figure moved from 11 in March 2013 to 4 in March 2014.
A total of 132 new homes were sold during the 12 months that ended in April, down from 147 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 0.1% from 1.9% a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.
The average value of newly sold homes in April 2014 was $338,000, down from last year's $376,596. This was on the heels of a 6.5% rise in March year-over-year.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.