In the Utica, NY market, new home closings fell year-over-year in March, dropping after staying level in February. 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.
None of the 142 total closings were new home closings, a shift on a percentage basis from 1 out of 211 a year earlier. Following a year-over-year rise in February, closings of new and existing homes sank year-over-year in March.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings accounted for 28.2% of existing home closings, up from 19.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.2% in March from 10.5% a year earlier while REO closings as a percentage of existing home closings gained to 12.0% from 9.0%.