In the State College, PA market in November, new home closings sank year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 10 a year earlier to none after the figure moved from 11 in October 2014 to 2 in October 2015.
New home closings were none out of the 105 total closings, down on a percentage basis from 10 of 126 a year earlier. Closings of new and existing homes fell year-over-year in November after also falling in October year-over-year.
Other Market Trends
There were no new home closings in November 2015, but average size of newly sold homes was 2,382 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 7.6% of closings, below 13.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.7% in November from 7.8% a year earlier while REO closings as a percentage of existing home closings declined to 1.0% from 6.0% a year earlier.