New home closings in the Springfield, OH market were unchanged year-over-year in February, staying level after a year-over-year increase in January from a year earlier. Closings remained level at none from a year earlier after the figure moved from none in January 2015 to 1 in January 2016. New home closings moved from none a year earlier to none after the figure moved from none in January 2015 to 1 in January 2016.

Following a year-over-year increase in January, closings of new and existing homes fell year-over-year in February.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 22.7% of existing home closings, below 54.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.8% in February from 24.0% a year earlier while REO closings as a percentage of existing home closings declined to 14.8% from 30.1% a year earlier.

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