Closings of new homes in the Salisbury, MD market saw no change year-over-year in October, remaining relatively stable after moving north year-over-year in September from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 2 in September 2014 to 3 in September 2015.
New home closings were 2 out of the 166 total closings, a move on a percentage basis from 2 of 151 a year earlier. After remaining steady in September from a year earlier, closings of new and existing homes gained in October.
The average new home value went from $186,950 last year to $241,750. This was on the heels of a 11.2% bump in September year-over-year.
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 October from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 26.8% of existing home closings, below 43.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.5% in October from 22.1% a year earlier while REO closings as a percentage of existing home closings slid to 18.3% from 21.5% a year earlier.