New Home Closings Drop in Lewiston According to Newest Figures
Posted on: Jul 06, 2014 07:20:42 AM
New home closings in the Lewiston, ME market declined year-over-year in April, declining after staying relatively stable in March from the year earlier. Closings stood at 0 in April after being 3 a year earlier and remaining unchanged at 1 in March from a year earlier.
New home closings were 3.6% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up none of the 78 total closings. Following a year-over-year rise in March, closings of new and existing homes slid year-over-year in April.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 21.8% of existing home closings, above 15.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.1% in April from 6.2% a year earlier while REO closings as a percentage of existing home closings grew to 16.7% from 8.8%.
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