Newest Figures Indicate New Home Closings in Salisbury Decrease
Posted on: Sep 11, 2014 07:30:20 AM
New home closings slid year-over-year in May in the Salisbury, MD market, falling after a rise in April 2014. New home closings moved from 7 a year earlier to none after the figure moved from 5 in April 2013 to 6 in April 2014.
New home closings were 5.7% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 104 total closings. Following a year-over-year increase in April, closings of new and existing homes slid 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 1,803 a year earlier.
Foreclosures and real estate owned (REO) closings continued to rise in May from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings accounted for 39.4% of existing home closings, above 37.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 15.4% in May from 25.2% a year earlier while REO closings as a percentage of existing home closings gained to 24.0% from 12.2%.
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