New home closings in the Altoona, PA market stayed the same year-over-year in August, staying flat after advancing year-over-year in July from the year earlier. New home closings moved from none a year earlier to none after the figure moved from none in July 2014 to 1 in July 2015. Closings remained level at none from a year earlier after the figure moved from none in July 2014 to 1 in July 2015.
Following a year-over-year increase in July, closings of new and existing homes also climbed year-over-year in August.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 18.9% of existing home closings, below 23.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 12.6% in August from 18.6% a year earlier and REO closings moved from 5.3% of existing home closings in August 2014 to 6.3% in August 2015.