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

For new and existing homes, closings sank in July after also declining in June year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 23.1% of existing closings, lower than 25.9% a year earlier. The percentage of existing home closings involving foreclosures stayed at 13.8% of closings in July from a year earlier while REO closings as a percentage of existing home closings dropped to 9.2% from 12.1% a year earlier.

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