In May, the Kingston, NY market saw a fall year-over-year in new home closings, dropping after staying level in April. New home closings moved from 1 a year earlier to none after the figure moved from none in April 2015 to none in April 2016. Closings stood at 0 in May after being 1 a year earlier and remaining unchanged at 0 in April from a year earlier.
None of the 147 total closings were new home closings, a shift on a percentage basis from 1 out of 128 a year earlier. After dropping in April from a year earlier, closings of new and existing homes increased year-over-year in May.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in May from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings made up 42.9% of existing home closings, up from 24.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 24.5% in May from 13.4% a year earlier while REO closings as a percentage of existing home closings grew to 18.4% from 11.0%.