New Home Closings in Binghamton Fall to Zero
Posted on: Apr 06, 2013 07:03:44 AM
New home closings in the Binghamton, NY market fell year-over-year in December, falling after remaining level in November from the year earlier. Closings stood at zero in December after being one a year earlier and remaining unchanged at zero in November from a year earlier.
A total of two new homes were sold during the 12 months that ended in December, down from three for the year that ended in November.
None of the 102 total closings were new home closings, a shift on a percentage basis from one out of 200 a year earlier. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 10.8% of existing home closings. They represented 6.5% in December 2011. The percentage of existing home closings involving foreclosures rose to 5.9% in December from 3.0% a year earlier while REO closings as a percentage of existing home closings increased to 4.9% from 3.5%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Binghamton, NY area.