Closings of new homes in the Danville, VA market saw no change year-over-year in June, staying level after a year-over-year increase in May from a year earlier. Closings remained level at none from a year earlier after the figure moved from none in May 2015 to 1 in May 2016. New home closings moved from none a year earlier to none after the figure moved from none in May 2015 to 1 in May 2016.
After dropping in May from a year earlier, closings of new and existing homes grew year-over-year in June.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in June from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, represented 39.6% of existing home closings, higher than 37.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 29.2% in June from 24.4% a year earlier while REO closings as a percentage of existing home closings declined to 10.4% from 13.3% a year earlier.