In the Springfield, MA market, sales of new homes fell year-over-year in August, but the decline was less than the year-over-year decline in July. New home sales moved from nine a year earlier to six after the figure moved from 10 in July 2010 to five in July 2011.

In the 12 months ending August 2011, there were 84 new home sales, down from an annualized 87 in July.

Six of the 414 total sales were new home sales, a shift on a percentage basis from nine out of 435 a year earlier. For new and existing homes, sales declined in August after also declining in July year-over-year.

The average per-unit price of new homes was $242,783, compared with $306,283 last year. This was on the heels of a period of relatively little movement in July from a year earlier.

The average mortgage size went down to $126,606 from $164,967 a year earlier. Average mortage size on new homes went from $262,604 in July 2010 to $118,079 in July 2011.

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 three of six new home sales after accounting for three of nine a year earlier. Meanwhile, single-family homes made up three of six new home sales after making up five of nine a year earlier.

The average unit size of newly sold homes fell from 3,067 square feet a year earlier to 1,260 square feet.

Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 35.3% of sales. In August 2010, they made up 43.4% of sales. Foreclosures went from 21.8% of existing home sales in August 2010 to 21.3% of sales in August 2011 and REO sales as a percentage of existing home sales slipped to 14.0% of sales from 21.6% of sales a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.