Closings of new homes in the Salisbury, MD market remained steady year-over-year in June, staying level after a year-over-year decline in May from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 3 in May 2014 to 2 in May 2015.

New home closings were 1 out of the 180 total closings, a move on a percentage basis from 1 of 151 a year earlier. For new and existing homes, closings gained year-over-year in June after also increasing in May year-over-year.

The average per-unit price of new homes was $131,900, compared with $288,270 last year. This came after a 16.6% lift in May 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.

The average unit size of newly sold homes went from 1,608 square feet in June 2014 to 1,602 square feet in June 2015.

Foreclosures and real estate owned (REO) closings fell in June from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 28.5% of closings, below 52.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 2.2% in June from 28.0% a year earlier while REO closings as a percentage of existing home closings grew to 26.3% from 24.7%.

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