In the Rocky Mount, NC market in September, closings of new homes slid year-over-year, and the decline was by a larger percentage than the August 2015. New home closings moved from 4 a year earlier to none after the figure moved from 7 in August 2014 to 3 in August 2015.
New home closings were none out of the 60 total closings, down on a percentage basis from 4 of 112 a year earlier. Closings of new and existing homes fell year-over-year in September after also falling in August year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in September from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 53.3% of existing home closings, up from 41.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 21.7% in September from 18.5% a year earlier while REO closings as a percentage of existing home closings jumped to 31.7% from 23.1%.