Closings of new homes in the Ithaca, NY market saw no change year-over-year in March, staying relatively stable after having decreased year-over-year in February. Closings remained level at none from a year earlier after the figure moved from 1 in February 2015 to none in February 2016. New home closings moved from none a year earlier to none after the figure moved from 1 in February 2015 to none in February 2016.
For new and existing homes, closings climbed year-over-year in March after also increasing in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 4.2% of existing home closings, below 6.5% a year earlier. The percentage of existing home closings involving foreclosures fell to no part in March from 6.5% a year earlier while REO closings as a percentage of existing home closings gained to 4.2% from no part.