Closings of new homes sank year-over-year in April in the Erie, PA market, and the decline was by a larger percentage than the March 2016. New home closings moved from 4 a year earlier to none after the figure moved from 3 in March 2015 to 1 in March 2016.
New home closings represented none out of the 225 total closings, which is a smaller percentage than the 4 of 249 total closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Other Market Trends
There were no new home closings in April 2016, but average size of newly sold homes was 2,032 a year earlier.
Foreclosures and real estate owned (REO) closings continued to rise in April from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings represented 25.3% of existing home closings, above 21.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.8% in April from 9.8% a year earlier and REO closings moved from 11.8% of existing home closings in April 2015 to 11.6% in April 2016.