New home closings in the Duluth, MN market remained steady year-over-year in October, staying level after a year-over-year decline in September from the year earlier. Closings remained level at none from a year earlier after the figure moved from 1 in September 2014 to none in September 2015. New home closings moved from none a year earlier to none after the figure moved from 1 in September 2014 to none in September 2015.

For new and existing homes, closings dropped in October after also declining in September year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in October, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 20.8% of closings, below 22.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.3% in October from 14.1% a year earlier while REO closings as a percentage of existing home closings gained to 11.5% from 8.6%.

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