In the Salisbury, MD market, new home closings slid year-over-year in January, declining after staying relatively stable in December from the year earlier. Closings stood at 1 in January after being 2 a year earlier and remaining unchanged at 3 in December from a year earlier.
A total of 42 new homes were sold during the 12 months that ended in January, down from 43 for the year that ended in December.
New home closings were 1 out of the 89 total closings, a move on a percentage basis from 2 of 157 a year earlier. Following a year-over-year rise in December, closings of new and existing homes fell year-over-year in January.
The average price for newly sold homes moved north to $426,100 from $215,000 a year ago. This was on the heels of a more than twofold surge in December year-over-year.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 38.6% of existing home closings, below 47.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.0% in January from 25.8% a year earlier while REO closings as a percentage of existing home closings climbed to 30.7% from 21.9%.