Closings of new homes declined year-over-year in April in the Elmira, NY market, declining after staying relatively stable in March from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in March 2015 to none in March 2016. Closings stood at 0 in April after being 1 a year earlier and remaining unchanged at 0 in March from a year earlier.
New home closings were none out of the 119 total closings, down on a percentage basis from 1 of 95 a year earlier. Following a year-over-year increase in March, closings of new and existing homes also jumped year-over-year in April.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in April from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings represented 42.9% of existing home closings, up from 12.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.0% in April from 6.4% a year earlier while REO closings as a percentage of existing home closings gained to 37.8% from 6.4%.