In August, there was a fall year-over-year in new home closings in the Lewiston, ME market, falling after remaining level in July from the year earlier. Closings stood at 0 in August after being 3 a year earlier and remaining unchanged at 1 in July from a year earlier.
New home closings were 2.5% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 120 total closings. After rising in July from a year earlier, closings of new and existing homes stayed steady in August.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 12.5% of existing home closings, down from 18.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.3% in August from 6.0% a year earlier while REO closings as a percentage of existing home closings slid to 9.2% from 12.1% a year earlier.