The Glens Falls, NY market saw a drop in new home closings year-over-year in March, falling after remaining level in February from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in February 2015 to none in February 2016. Closings stood at 0 in March after being 1 a year earlier and remaining unchanged at 0 in February from a year earlier.

New home closings represented none out of the 41 total closings, which is a smaller percentage than the 1 of 89 total closings a year earlier. Closings of new and existing homes fell year-over-year in March after also falling in February year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 26.8% of existing closings, lower than 33.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.2% in March from 18.2% a year earlier and REO closings moved from 14.8% of existing home closings in March 2015 to 14.6% in March 2016.

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