In March, the Longview, WA market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the February 2016. New home closings moved from 3 a year earlier to none after the figure moved from 4 in February 2015 to 2 in February 2016.
New home closings represented none out of the 149 total closings, which is a smaller percentage than the 3 of 151 total closings a year earlier. After rising year-over-year in February, closings of new and existing homes dropped year-over-year in March.
Other Market Trends
There were no new home closings in March 2016, but average size of newly sold homes was 1,479 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 19.5% of existing home closings, below 27.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.4% in March from 8.8% a year earlier while REO closings as a percentage of existing home closings sank to 12.1% from 18.9% a year earlier.