Freshest Figures Show New Home Prices Climb, Sales Fall in Worcester
Posted on: Nov 12, 2013 07:52:56 AM
In the Worcester, MA market in July, closings of new homes fell year-over-year, but the decline was less than the year-over-year decline in June. New home closings moved from 21 a year earlier to 19 after the figure moved from 15 in June 2012 to 13 in June 2013.
A total of 147 new homes were sold during the 12 months that ended in July, down from 149 for the year that ended in June.
Of the total number of closings, new home closings made up 1.7%. New home closings were 2.2% of overall closings last year. Closings of new and existing homes rose year-over-year in July following a fall in June year-over-year.
Pricing and Mortgage Trends
In July, the average price of newly sold homes grew year-over-year to $320,884 per unit, a 8.9% bump. This rise is smaller than the 48.4% lift in June year-over-year.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size saw a 50.8% boost year-over-year to $266,800 in July. Average mortgage size on new homes went from $319,836 in June 2012 to $292,082 in June 2013.