In the Glens Falls, NY market, closings of new homes dropped year-over-year in March, falling after remaining level in February from the year earlier. 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.
New home closings were 1.1% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 41 total closings. Closings of new and existing homes slid 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 stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 26.8% of existing closings, lower than 33.0% a year earlier. The percentage of existing home closings involving foreclosures slid 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.