Closings of new homes in the Barnstable Town, MA market fell year-over-year in March, dropping after staying level in February. New home closings moved from 2 a year earlier to none after the figure moved from none in February 2015 to none in February 2016. Closings stood at 0 in March after being 2 a year earlier and remaining unchanged at 0 in February from a year earlier.
New home closings were none out of the 461 total closings, a move on a percentage basis from 2 of 330 a year earlier. For new and existing homes, closings increased year-over-year in March after also increasing in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 17.6% of existing home closings, up from 17.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.2% in March from 9.1% a year earlier while REO closings as a percentage of existing home closings climbed to 10.4% from 8.2%.