In the Salisbury, MD market, closings of new homes slid year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 7 a year earlier to 1 after the figure moved from 5 in July 2014 to none in July 2015.
New home closings were 4.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 157 total closings. Following a year-over-year decline in July, closings of new and existing homes also sank year-over-year in August.
The average new home price was $131,000, down from $153,386 a year earlier. This came after a.
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 fell in August from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 31.4% of existing closings, lower than 45.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.1% in August from 27.0% a year earlier while REO closings as a percentage of existing home closings jumped to 24.4% from 18.2%.