In the Lewiston, ME market in July, new home closings slid year-over-year, falling after remaining level in June from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in June 2014 to none in June 2015. Closings stood at 0 in July after being 1 a year earlier and remaining unchanged at 0 in June from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.0% a year earlier. Closings of new and existing homes increased year-over-year in July following a fall in June year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 9.7% of closings, below 20.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 1.6% in July from 7.4% a year earlier while REO closings as a percentage of existing home closings dropped to 8.1% from 12.6% a year earlier.