Closings of new homes in the Rocky Mount, NC market slid year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 2 a year earlier to none after the figure moved from 6 in January 2015 to 2 in January 2016.

New home closings were 2.0% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up none of the 114 total closings. For new and existing homes, closings jumped year-over-year in February after also increasing in January year-over-year.

Other Market Trends

There were no new home closings in February 2016, but average size of newly sold homes was 1,820 a year earlier.

Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 36.0% of closings, below 46.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.0% in February from 21.6% a year earlier while REO closings as a percentage of existing home closings sank to 21.9% from 24.7% a year earlier.

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