Closings of new homes dropped year-over-year in May in the Fairbanks, AK market, dropping after staying level in April. New home closings moved from 1 a year earlier to none after the figure moved from none in April 2015 to none in April 2016. Closings stood at 0 in May after being 1 a year earlier and remaining unchanged at 0 in April from a year earlier.

None of the 177 total closings were new home closings, a shift on a percentage basis from 1 out of 167 a year earlier. Closings of new and existing homes rose year-over-year in May following a drop in April year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 12.4% of closings, below 18.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.0% in May from 7.2% a year earlier while REO closings as a percentage of existing home closings sank to 8.5% from 10.8% a year earlier.

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