New home closings in the Elmira, NY market stayed the same year-over-year in May, staying flat after dropping year-over-year in April from the year earlier. New home closings moved from none a year earlier to none after the figure moved from 1 in April 2015 to none in April 2016. Closings remained level at none from a year earlier after the figure moved from 1 in April 2015 to none in April 2016.
Following a year-over-year increase in April, closings of new and existing homes also gained year-over-year in May.
Other Market Trends
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 20.4% of existing home closings, above 15.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.3% in May from 8.2% a year earlier while REO closings as a percentage of existing home closings jumped to 11.1% from 7.1%.