New Home Closings Drop in Rocky Mount According to Recent Figures
Posted on: Aug 08, 2014 11:45:53 AM
In May, the Rocky Mount, NC market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the April 2014. New home closings moved from 3 a year earlier to none after the figure moved from 2 in April 2013 to 1 in April 2014.
New home closings represented none out of the 161 total closings, which is a smaller percentage than the 3 of 144 total closings a year earlier. Following a year-over-year increase in April, closings of new and existing homes also jumped year-over-year in May.
Other Market Trends
There were no new home closings in May 2014, but average size of newly sold homes was 1,826 a year earlier.
Foreclosures and real estate owned (REO) closings fell in May from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 50.3% of existing home closings, down from 51.8% a year earlier. The percentage of existing home closings involving foreclosures stayed at 25.5% of closings in May from a year earlier while REO closings as a percentage of existing home closings sank to 24.8% from 26.2% a year earlier.
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