In August, the Salisbury, MD market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in July. New home closings moved from 7 a year earlier to 1 after the figure moved from 5 in July 2014 to none in July 2015.
New home closings were 1 out of the 157 total closings, down on a percentage basis from 7 of 166 a year earlier. Closings of new and existing homes declined year-over-year in August after also falling in July year-over-year.
The average per-unit price of new homes was $131,000, compared with $153,386 last year. This came after a.
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.
Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 31.4% of existing home closings, down from 45.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.1% in August from 27.0% a year earlier while REO closings as a percentage of existing home closings climbed to 24.4% from 18.2%.