In September, there was a decline year-over-year in new home closings in the Springfield, OH market, falling after remaining level in August from the year earlier. New home closings moved from 2 a year earlier to none after the figure moved from none in August 2014 to none in August 2015. Closings stood at 0 in September after being 2 a year earlier and remaining unchanged at 0 in August from a year earlier.
None of the 192 total closings were new home closings, a shift on a percentage basis from 2 out of 214 a year earlier. Following a year-over-year rise in August, closings of new and existing homes dropped year-over-year in September.
Other Market Trends
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 28.6% of closings, below 35.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.0% in September from 20.8% a year earlier while REO closings as a percentage of existing home closings jumped to 15.6% from 14.6%.