Closings of new homes in the Wheeling, WV market remained steady year-over-year in March, staying flat after advancing year-over-year in February from the year earlier. Closings remained level at none from a year earlier after the figure moved from none in February 2015 to 1 in February 2016. New home closings moved from none a year earlier to none after the figure moved from none in February 2015 to 1 in February 2016.
After rising year-over-year in February, closings of new and existing homes sank year-over-year in March.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 12.0% of existing closings, lower than 21.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.0% in March from 8.6% a year earlier while REO closings as a percentage of existing home closings fell to 8.0% from 12.3% a year earlier.