Closings of new homes slid year-over-year in March in the Barnstable Town, MA market, falling after remaining level in February from the year earlier. Closings stood at 0 in March after being 2 a year earlier and remaining unchanged at 0 in February from a year earlier. New home closings moved from 2 a year earlier to none after the figure moved from none in February 2015 to none in February 2016.

None of the 461 total closings were new home closings, a shift on a percentage basis from 2 out of 330 a year earlier. Following a year-over-year increase in February, closings of new and existing homes also jumped year-over-year in March.

Other Market Trends

Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 17.6% of existing home closings, higher than 17.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.2% in March from 9.1% a year earlier while REO closings as a percentage of existing home closings gained to 10.4% from 8.2%.

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