Closings of new homes in the Springfield, OH market saw no change year-over-year in July, staying flat after dropping year-over-year in June from the year earlier. Closings remained level at none from a year earlier after the figure moved from 1 in June 2014 to none in June 2015. New home closings moved from none a year earlier to none after the figure moved from 1 in June 2014 to none in June 2015.
For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 27.7% of existing home closings, down from 41.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.0% in July from 25.8% a year earlier while REO closings as a percentage of existing home closings declined to 11.8% from 15.3% a year earlier.