New home closings in the Cleveland, TN market dropped year-over-year in July, sliding after a growth in June 2016. New home closings moved from 2 a year earlier to none after the figure moved from 7 in June 2015 to 10 in June 2016.

On a percentage basis, new home closings as a part of total closings decreased to no part from 1.1% a year earlier. Following a fall in June year-over-year, closings of new and existing homes rose year-over-year in July.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 18.8% of closings, below 26.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.7% in July from 12.3% a year earlier while REO closings as a percentage of existing home closings sank to 11.1% from 13.9% a year earlier.

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