New Home Closings Decrease in Charleston According to Latest Figures
Posted on: Jul 06, 2014 07:06:14 AM
In the Charleston, WV market in February, closings of new homes declined year-over-year, dropping after staying level in January. Closings stood at 0 in February after being 1 a year earlier and remaining unchanged at 0 in January from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in January 2013 to none in January 2014.
Last year, 1 of 53 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 36 total closings. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 5.6% of existing home closings, below 7.7% a year earlier. The percentage of existing home closings involving foreclosures stayed at no part of closings in February from a year earlier while REO closings as a percentage of existing home closings sank to 5.6% from 7.7% a year earlier.
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