The Ithaca, NY market saw a drop in new home closings year-over-year in June, dropping after staying level in May. Closings stood at 0 in June after being 1 a year earlier and remaining unchanged at 0 in May from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in May 2015 to none in May 2016.
New home closings were none out of the 116 total closings, a move on a percentage basis from 1 of 109 a year earlier. For new and existing homes, closings increased year-over-year in June after also increasing in May year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 4.3% of existing home closings, up from 0.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.6% in June from no part a year earlier and REO closings moved from 0.9% of existing home closings in June 2015 to 1.7% in June 2016.