From: BUILDER 09 September 2011
Posted on: January 10, 2012
Springfield, MA Dashboard Reports

Springfield, MA - Recent New Home Sales Numbers Give Hints Market Fall is Deepening

By:: Market Intelligence Analytics

New home sales declined year-over-year in September in the Springfield, MA market, and the decline was by a larger percentage than the August 2011. New home sales moved from 11 a year earlier to two after the figure moved from nine in August 2010 to six in August 2011.

A total of 75 new homes were sold during the 12 months that ended in September, down from 84 for the year that ended in August.

New home sales accounted for two of the 376 total sales, a smaller percentage compared with 11 of 359 sales a year earlier. Following a decline in August year-over-year, sales of new and existing homes increased year-over-year in September.

Pricing and Mortgage Trends

The average per-unit price of new homes was $227,500, compared with $239,419 last year. This was on the heels of a 20.7% decline in August from a year earlier.

Average mortgage size on new homes moved from $183,487 to $184,000. Average mortgage size on new homes went from $164,967 in August 2010 to $126,606 in August 2011. For new home sales, the percentage of the sale price that was being financed rose 4.2 percentage points year-over-year to 80.9% in September 2011. In August 2011, there was a 1.7 percentage point decline in August from a year earlier.

Other Market Trends

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 one of two new home sales after accounting for two of 11 a year earlier. Meanwhile, single-family homes made up one of two new home sales after making up nine of 11 a year earlier.

The average unit size of newly sold homes fell from 1,392 square feet a year earlier to 1,078 square feet.

Foreclosures and real estate owned (REO) sales stayed steady in September from a year earlier, but remained a drag on the market. Combined, foreclosures plue REO sales represented 43.0% of existing home sales, relatively unchanged from a year earlier. The percentage of existing home sales involving foreclosures rose to 23.8% in September from 22.4% a year earlier and REO sales moved from 19.8% of existing home sales in September 2010 to 19.3% in September 2011.

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Subject: Local Markets, Economic Conditions, Home Prices
Location: Springfield, MA

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John McManus

Standard Pacific Strides Into the Black in Q1

Builder Pulse

John McManus is an award-winning editorial director for the Residential Construction Group at Hanley Wood in Washington, D.C. In addition to the BUILDER digital, print, and in-person editorial and programming portfolio, the group includes strategic content direction for AFFORDABLE HOUSING FINANCE, APARTMENT FINANCE TODAY, CUSTOM HOME, EcoHome, MULTIFAMILY EXECUTIVE, and residential architect.

Standard Pacific released first-quarter earnings post market close last night that beat Wall Street analysts' posted predictions. After a near brush with death in 2008, and life-support from MatlinPatterson's real estate funds, Standard Pacific's strategic, operational, and tactical planning and execution are playing well in what continues to be an adverse market environment in most of its competitive arenas.