Cumberland, MD - Local Housing Data - Summary

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Cumberland, MD, WV

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Cumberland, MD Local News

Cumberland, MD - Latest New Home Sales Figures Drop

Posted on: Apr 09, 2012 07:20:40 PM

In the Cumberland, MD market, sales of new homes slid year-over-year in December, declining after staying relatively stable in November from the year earlier. Sales stood at zero in December after being one a year earlier and remaining unchanged at zero in November from a year earlier.

New home sales were none of the 37 total sales, down on a percentage basis from one of 60 a year earlier. Following a year-over-year decline in November, sales of new and existing homes also declined year-over-year in December.

Other Market Trends

Foreclosures and real estate owned (REO) sales continued to fall from a year earlier in December, but did not appear to be dragging the market. Combined, foreclosures plus REO sales represented 13.5% of existing home sales, below 49.2% a year earlier. The percentage of existing home sales involving foreclosures sank to 5.4% in December from 20.3% a year earlier while REO sales as a percentage of existing home sales dropped to 8.1% from 28.8% a year earlier.

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