New home closings in the Utica, NY market remained steady year-over-year in April, staying relatively stable after having decreased year-over-year in March. Closings remained level at none from a year earlier after the figure moved from 1 in March 2015 to none in March 2016. New home closings moved from none a year earlier to none after the figure moved from 1 in March 2015 to none in March 2016.
Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in April from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings accounted for 30.7% of existing home closings, up from 21.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 17.1% in April from 9.5% a year earlier while REO closings as a percentage of existing home closings grew to 13.7% from 12.4%.