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.
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