Closings of new homes in the Fairbanks, AK market remained unchanged year-over-year in April, remaining relatively stable after moving north year-over-year in March from the year earlier. Closings remained level at none from a year earlier after the figure moved from none in March 2015 to 1 in March 2016. New home closings moved from none a year earlier to none after the figure moved from none in March 2015 to 1 in March 2016.
For new and existing homes, closings fell in April after also declining in March year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 18.2% of existing home closings, higher than 16.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.8% in April from 5.6% a year earlier and REO closings moved from 11.1% of existing home closings in April 2015 to 11.4% in April 2016.