In the Charleston, WV market in June, new home closings declined year-over-year, falling after remaining level in May from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in May 2014 to none in May 2015. Closings stood at 0 in June after being 1 a year earlier and remaining unchanged at 0 in May from a year earlier.
Last year, 1 of 88 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 105 total closings. Closings of new and existing homes increased year-over-year in June after also rising in May year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 3.8% of closings, below 12.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 1.9% in June from 5.7% a year earlier while REO closings as a percentage of existing home closings dropped to 1.9% from 6.9% a year earlier.