New home closings in the Glens Falls, NY market slid year-over-year in August, dropping after staying level in July. New home closings moved from 1 a year earlier to none after the figure moved from none in July 2014 to none in July 2015. Closings stood at 0 in August after being 1 a year earlier and remaining unchanged at 0 in July from a year earlier.

New home closings were none out of the 142 total closings, a move on a percentage basis from 1 of 125 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also grew year-over-year in August.

Other Market Trends

Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 10.6% of existing home closings, up from 7.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.1% in August from 4.8% a year earlier while REO closings as a percentage of existing home closings gained to 8.5% from 2.4%.

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