In the Erie, PA market in January, closings of new homes fell year-over-year, and the decline was by a larger percentage than the December 2015. New home closings moved from 2 a year earlier to none after the figure moved from 3 in December 2014 to 1 in December 2015.
New home closings were 1.1% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 156 total closings. Following a year-over-year increase in December, closings of new and existing homes dropped year-over-year in January.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 21.2% of existing home closings, below 39.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.7% in January from 27.7% a year earlier while REO closings as a percentage of existing home closings rose to 13.5% from 12.0%.