In the Binghamton, NY market in June, new home closings declined year-over-year, falling after remaining level in May from the year earlier. Closings stood at 0 in June after being 1 a year earlier and remaining unchanged at 0 in May from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in May 2015 to none in May 2016.
New home closings were none out of the 233 total closings, a move on a percentage basis from 1 of 125 a year earlier. Following a year-over-year increase in May, closings of new and existing homes also jumped year-over-year in June.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 19.3% of existing closings, lower than 45.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.6% in June from 23.4% a year earlier while REO closings as a percentage of existing home closings dropped to 10.7% from 21.8% a year earlier.