New home closings in the Glens Falls, NY market slid year-over-year in March, dropping after staying level in February. Closings stood at 0 in March after being 1 a year earlier and remaining unchanged at 0 in February from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in February 2015 to none in February 2016.

On a percentage basis, new home closings as a part of total closings decreased to no part from 1.1% a year earlier. Closings of new and existing homes fell year-over-year in March after also falling in February year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 26.8% of closings, below 33.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.2% in March from 18.2% a year earlier and REO closings moved from 14.8% of existing home closings in March 2015 to 14.6% in March 2016.

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