In the Fairbanks, AK market in July, closings of new homes declined year-over-year, declining after staying relatively stable in June from the year earlier. Closings stood at 0 in July after being 1 a year earlier and remaining unchanged at 1 in June from a year earlier.

New home closings were none out of the 178 total closings, a move on a percentage basis from 1 of 179 a year earlier. After increasing in June from a year earlier, closings of new and existing homes remained level in July.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to decline 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 17.4% of closings, below 24.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.2% in July from 13.5% a year earlier and REO closings moved from 10.7% of existing home closings in July 2014 to 11.2% in July 2015.

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