In the Lewiston, ME market in June, closings of new homes dropped year-over-year, falling after remaining level in May from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in May 2015 to none in May 2016. Closings stood at 0 in June after being 1 a year earlier and remaining unchanged at 0 in May from a year earlier.
None of the 132 total closings were new home closings, a shift on a percentage basis from 1 out of 125 a year earlier. Following a year-over-year increase in May, closings of new and existing homes also grew year-over-year in June.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 10.6% of existing home closings, up from 7.3% a year earlier. The percentage of existing home closings involving foreclosures went from 1.6% in June 2015 to 2.3% in June 2016 and REO closings as a percentage of existing home closings climbed to 8.3% from 5.6%.