New home closings in the Glens Falls, NY market remained steady year-over-year in May, staying flat after dropping year-over-year in April from the year earlier. New home closings moved from none a year earlier to none after the figure moved from 1 in April 2015 to none in April 2016. Closings remained level at none from a year earlier after the figure moved from 1 in April 2015 to none in April 2016.
Closings of new and existing homes declined year-over-year in May after also falling in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in May from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings accounted for 31.0% of existing home closings, above 14.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.0% in May from 6.6% a year earlier while REO closings as a percentage of existing home closings climbed to 12.1% from 8.2%.