Freshest Numbers Show New Home Sales Drop in Springfield
Posted on: Aug 08, 2014 11:51:27 AM
In the Springfield, OH market, new home closings slid year-over-year in May, dropping after staying level in April. Closings stood at 0 in May after being 2 a year earlier and remaining unchanged at 0 in April from a year earlier. New home closings moved from 2 a year earlier to none after the figure moved from none in April 2013 to none in April 2014.
None of the 187 total closings were new home closings, a shift on a percentage basis from 2 out of 245 a year earlier. Closings of new and existing homes sank year-over-year in May after also falling in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 34.2% of existing closings, lower than 49.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.9% in May from 28.8% a year earlier and REO closings moved from 20.2% of existing home closings in May 2013 to 20.3% in May 2014.
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