Closings of new homes in the Ithaca, NY market saw no change 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.
For new and existing homes, closings gained year-over-year in August after also increasing in July year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 1.3% of existing closings, lower than all a year earlier. The percentage of existing home closings involving foreclosures sank to 1.3% in August from 100.0% a year earlier while REO closings as a percentage of existing home closings stayed level at no part.