In August, there was a drop year-over-year in new home closings in the Glens Falls, NY market, dropping after staying level in July. Closings stood at 0 in August after being 1 a year earlier and remaining unchanged at 0 in July from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in July 2014 to none in July 2015.
New home closings were none out of the 142 total closings, a move on a percentage basis from 1 of 125 a year earlier. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 10.6% of existing home closings, above 7.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.1% in August from 4.8% a year earlier while REO closings as a percentage of existing home closings increased to 8.5% from 2.4%.