Newest Numbers For Worcester Show New Home Closings and Prices Increase
Posted on: Dec 06, 2013 07:51:02 AM
There was an increase in new home closings in the Worcester, MA market in August year-over-year, rebounding from a year-over-year fall in July 2013. New home closings saw a 41.2% hike from a year earlier to 24. This was after the housing market saw a 9.5% decline year-over-year in July.
A total of 155 new homes were sold during the 12 months that ended in August, up from 148 for the year that ended in July.
Of the total number of closings, new home closings made up 2.3%. A year ago, 1.7% of total closings were new home closings. For new and existing homes, closings jumped year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 2.1% in August to $347,908 per unit. This boost is smaller than the 8.9% bump in July year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It declined to $258,771 in August, a 9.4% drop. Average mortgage size gained 50.8% in July 2013 from a year earlier.