In March, there was a drop year-over-year in new home closings in the Corvallis, OR market, and the decline was by a larger percentage than the February 2016. New home closings moved from 5 a year earlier to none after the figure moved from 6 in February 2015 to 1 in February 2016.
Last year, 5 of 107 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 85 total closings. 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 continued to decline from a year earlier in March, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 9.4% of closings, below 12.7% a year earlier. The percentage of existing home closings involving foreclosures went from 4.9% in March 2015 to 5.9% in March 2016 and REO closings as a percentage of existing home closings dropped to 3.5% from 7.8% a year earlier.