In the Kingston, NY market in May, closings of new homes slid year-over-year, dropping after staying level in April. Closings stood at 0 in May after being 1 a year earlier and remaining unchanged at 0 in April from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in April 2015 to none in April 2016.
New home closings were none out of the 147 total closings, a move on a percentage basis from 1 of 128 a year earlier. Closings of new and existing homes gained year-over-year in May following a fall in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in May from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 42.9% of existing home closings, higher than 24.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 24.5% in May from 13.4% a year earlier while REO closings as a percentage of existing home closings increased to 18.4% from 11.0%.