New home closings in the State College, PA market declined year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 14 a year earlier to none after the figure moved from 13 in May 2015 to 5 in May 2016.
New home closings were none out of the 151 total closings, down on a percentage basis from 14 of 231 a year earlier. Closings of new and existing homes fell year-over-year in June after also falling in May year-over-year.
Other Market Trends
There were no new home closings in June 2016, but average size of newly sold homes was 2,242 a year earlier.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 7.3% of existing home closings, up from 3.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.6% in June from 0.9% a year earlier and REO closings moved from 2.3% of existing home closings in June 2015 to 2.6% in June 2016.