In January, the Bangor, ME market saw a decline year-over-year in new home closings, declining after staying relatively stable in December from the year earlier. Closings stood at 0 in January after being 1 a year earlier and remaining unchanged at 1 in December from a year earlier.
New home closings were 1.6% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up none of the 123 total closings. For new and existing homes, closings increased year-over-year in January after also increasing in December year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 20.3% of existing closings, lower than 27.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.9% in January from 11.5% a year earlier and REO closings moved from 16.4% of existing home closings in January 2015 to 15.4% in January 2016.