New Home Sales Drop in Duluth According to Newest Data
Posted on: Aug 08, 2014 11:18:54 AM
In the Duluth, MN market in April, closings of new homes declined year-over-year, declining after staying relatively stable in March from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in March 2013 to none in March 2014. Closings stood at 0 in April after being 1 a year earlier and remaining unchanged at 0 in March from a year earlier.
None of the 365 total closings were new home closings, a shift on a percentage basis from 1 out of 453 a year earlier. Closings of new and existing homes fell year-over-year in April after also falling in March year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 27.4% of closings, below 29.2% a year earlier. The percentage of existing home closings involving foreclosures went from 15.0% in April 2013 to 14.5% in April 2014 and REO closings as a percentage of existing home closings declined to 12.9% from 14.2% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Duluth, MN area.