In July, the Rocky Mount, NC market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the June 2016. New home closings moved from 7 a year earlier to none after the figure moved from 3 in June 2015 to 1 in June 2016.
Last year, 7 of 142 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 110 total closings. For new and existing homes, closings dropped in July after also declining in June year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 20.9% of existing home closings, down from 33.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.9% in July from 15.6% a year earlier while REO closings as a percentage of existing home closings declined to 10.0% from 17.8% a year earlier.