Closings of new homes in the Danville, VA market saw no change year-over-year in October, remaining relatively stable after moving north year-over-year in September from the year earlier. New home closings moved from none a year earlier to none after the figure moved from none in September 2014 to 1 in September 2015. Closings remained level at none from a year earlier after the figure moved from none in September 2014 to 1 in September 2015.
Following a year-over-year rise in September, closings of new and existing homes slid year-over-year in October.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in October from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 53.2% of existing home closings, higher than 36.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 46.8% in October from 27.3% a year earlier while REO closings as a percentage of existing home closings dropped to 6.4% from 9.1% a year earlier.