In November, the Duluth, MN market saw a fall year-over-year in new home closings, declining after staying relatively stable in October from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in October 2014 to none in October 2015. Closings stood at 0 in November after being 1 a year earlier and remaining unchanged at 0 in October from a year earlier.
New home closings were none out of the 335 total closings, a move on a percentage basis from 1 of 423 a year earlier. Closings of new and existing homes fell year-over-year in November after also falling in October year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 23.6% of closings, below 24.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.8% in November from 11.4% a year earlier while REO closings as a percentage of existing home closings dropped to 10.7% from 13.5% a year earlier.