New Home Closings in Erie Fall to Zero
Posted on: May 06, 2013 07:11:08 AM
Closings of new homes sank year-over-year in February in the Erie, PA market, and the decline was by a larger percentage than the January 2013. New home closings moved from four a year earlier to none after the figure moved from three in January 2012 to one in January 2013.
A total of 51 new homes were sold during the 12 months that ended in February, down from 55 for the year that ended in January.
New home closings were 2.0% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 113 total closings. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 18.6% of existing home closings, down from 31.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 1.8% in February from 14.4% a year earlier and REO closings moved from 17.4% of existing home closings in February 2012 to 16.8% in February 2013.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Erie, PA area.
New Home Closings in Erie Fall to Zero
Posted on: May 06, 2013 07:11:08 AM
Closings of new homes sank year-over-year in February in the Erie, PA market, and the decline was by a larger percentage than the January 2013. New home closings moved from four a year earlier to none after the figure moved from three in January 2012 to one in January 2013.
A total of 51 new homes were sold during the 12 months that ended in February, down from 55 for the year that ended in January.
New home closings were 2.0% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 113 total closings. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 18.6% of existing home closings, down from 31.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 1.8% in February from 14.4% a year earlier and REO closings moved from 17.4% of existing home closings in February 2012 to 16.8% in February 2013.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Erie, PA area.
Source: Housing Intelligence