Closings of new homes in the Springfield, OH market declined year-over-year in March, falling after remaining level in February from the year earlier. Closings stood at 0 in March after being 3 a year earlier and remaining unchanged at 0 in February from a year earlier. New home closings moved from 3 a year earlier to none after the figure moved from none in February 2015 to none in February 2016.

New home closings represented none out of the 173 total closings, which is a smaller percentage than the 3 of 195 total closings a year earlier. For new and existing homes, closings sank in March after also declining in February year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 33.5% of existing home closings, down from 41.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 19.7% in March from 21.4% a year earlier while REO closings as a percentage of existing home closings fell to 13.9% from 19.8% a year earlier.

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