Closings of new homes sank year-over-year in March in the Parkersburg, WV market, dropping after staying level in February. New home closings moved from 1 a year earlier to none after the figure moved from none in February 2015 to none in February 2016. Closings stood at 0 in March after being 1 a year earlier and remaining unchanged at 0 in February from a year earlier.
New home closings were none out of the 110 total closings, a move on a percentage basis from 1 of 135 a year earlier. Following a year-over-year decline in February, closings of new and existing homes also dropped year-over-year in March.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 21.8% of existing home closings, up from 15.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.6% in March from 7.5% a year earlier while REO closings as a percentage of existing home closings stayed level at 8.2%.