Closings of new homes in the Springfield, OH market fell year-over-year in November, declining after staying relatively stable in October from the year earlier. Closings stood at 0 in November after being 2 a year earlier and remaining unchanged at 0 in October from a year earlier. New home closings moved from 2 a year earlier to none after the figure moved from none in October 2014 to none in October 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.3% a year earlier. After falling in October from a year earlier, closings of new and existing homes stayed steady in November.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in November from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 40.4% of existing home closings, up from 37.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 17.9% in November from 16.9% a year earlier while REO closings as a percentage of existing home closings gained to 22.4% from 20.1%.