In the Carson City, NV market, new home closings dropped year-over-year in June, a decline following a rise in May 2016. New home closings moved from 3 a year earlier to none after the figure moved from 1 in May 2015 to 3 in May 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 2.8% a year earlier. For new and existing homes, closings increased year-over-year in June after also increasing in May year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 19.8% of existing home closings, above 15.4% a year earlier. The percentage of existing home closings involving foreclosures went from 8.7% in June 2015 to 7.8% in June 2016 and REO closings as a percentage of existing home closings gained to 12.1% from 6.7%.