Closings of new homes dropped year-over-year in April in the Cheyenne, WY market, and the decline was by a larger percentage than the March 2016. New home closings moved from 20 a year earlier to none after the figure moved from 18 in March 2015 to 1 in March 2016.
New home closings were none out of the 220 total closings, down on a percentage basis from 20 of 221 a year earlier. After falling in March from a year earlier, closings of new and existing homes stayed steady in April.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 10.9% of existing home closings, up from 9.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.4% in April from 3.0% a year earlier while REO closings as a percentage of existing home closings slid to 4.5% from 6.5% a year earlier.