In May, the Norwich, CT market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the April 2016. New home closings moved from 1 a year earlier to none after the figure moved from 3 in April 2015 to 1 in April 2016.
New home closings were none out of the 270 total closings, a move on a percentage basis from 1 of 255 a year earlier. After dropping in April from a year earlier, closings of new and existing homes climbed year-over-year in May.
Other Market Trends
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 20.0% of existing home closings, above 19.7% a year earlier. The percentage of existing home closings involving foreclosures went from 4.3% in May 2015 to 3.3% in May 2016 and REO closings as a percentage of existing home closings rose to 16.7% from 15.4%.