Closings of new homes in the Charleston, WV market saw no change year-over-year in July, staying relatively stable after having decreased year-over-year in June. New home closings moved from none a year earlier to none after the figure moved from 1 in June 2014 to none in June 2015. Closings remained level at none from a year earlier after the figure moved from 1 in June 2014 to none in June 2015.
Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 7.1% of existing home closings, below 8.7% a year earlier. The percentage of existing home closings involving foreclosures went from 2.9% in July 2014 to 2.0% in July 2015 and REO closings moved from 5.8% of existing home closings in July 2014 to 5.1% in July 2015.