The Salisbury, MD market saw a drop in new home closings year-over-year in July, declining after staying relatively stable in June from the year earlier. Closings stood at 0 in July after being 5 a year earlier and remaining unchanged at 1 in June from a year earlier.

New home closings were 2.9% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 118 total closings. Following a year-over-year rise in June, closings of new and existing homes declined year-over-year in July.

Other Market Trends

There were no new home closings in July 2015, but average size of newly sold homes was 1,584 a year earlier.

Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 25.4% of existing home closings, down from 41.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.5% in July from 24.2% a year earlier while REO closings as a percentage of existing home closings increased to 22.9% from 17.0%.

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