Closings of new homes sank year-over-year in June in the Erie, PA market, dropping after staying level in May. Closings stood at 0 in June after being 3 a year earlier and remaining unchanged at 2 in May from a year earlier.
Last year, 3 of 295 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 317 total closings. Following a year-over-year increase in May, closings of new and existing homes also grew year-over-year in June.
Other Market Trends
There were no new home closings in June 2016, but average size of newly sold homes was 2,462 a year earlier.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 16.4% of existing home closings, above 13.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.3% in June from 4.8% a year earlier and REO closings moved from 8.6% of existing home closings in June 2015 to 9.1% in June 2016.