In the Rocky Mount, NC market, closings of new homes fell year-over-year in September, 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.
On a percentage basis, new home closings as a part of total closings decreased to no part from 3.6% a year earlier. For new and existing homes, closings declined in September after also declining 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 burden on the market. Together, foreclosures plus REO closings accounted for 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 gained to 31.7% from 23.1%.