The Erie, PA market saw a drop in new home closings year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 4 a year earlier to none after the figure moved from 3 in March 2015 to 1 in March 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.6% a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Other Market Trends
There were no new home closings in April 2016, but average size of newly sold homes was 2,032 a year earlier.
Foreclosures and real estate owned (REO) closings continued to rise in April from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 25.3% of existing home closings, above 21.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.8% in April from 9.8% a year earlier and REO closings moved from 11.8% of existing home closings in April 2015 to 11.6% in April 2016.