New home closings in the Lewiston, ME market were unchanged year-over-year in March, staying relatively stable after having decreased year-over-year in February. Closings remained level at none from a year earlier after the figure moved from 1 in February 2015 to none in February 2016. New home closings moved from none a year earlier to none after the figure moved from 1 in February 2015 to none in February 2016.
Following a year-over-year increase in February, closings of new and existing homes also gained year-over-year in March.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 24.5% of existing home closings, down from a quarter a year earlier. The percentage of existing home closings involving foreclosures slid to 6.4% in March from 9.2% a year earlier while REO closings as a percentage of existing home closings rose to 18.1% from 15.8%.