Freshest Figures Show New Home Sales Level from Last Year, Prices Decrease in Glens Falls
Posted on: Jul 06, 2014 07:13:30 AM
Closings of new homes in the Glens Falls, NY market remained steady year-over-year in March, staying level after a year-over-year increase in February from a year earlier. Closings remained level at 1 from a year earlier after the figure moved from none in February 2013 to 1 in February 2014. New home closings moved from 1 a year earlier to 1 after the figure moved from none in February 2013 to 1 in February 2014.
New home closings were 1 out of the 100 total closings, same on a percentage basis as a year earlier. Closings of new and existing homes rose year-over-year in March following a fall in February year-over-year.
The average value of newly sold homes in March 2014 was $260,225, down from last year's $330,000. This was on the heels of a set of periods with no new home closings in both February 2014 or February 2013.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2014.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.2% of closings, below 20.2% a year earlier. The percentage of existing home closings involving foreclosures went from 8.5% in March 2013 to 9.1% in March 2014 and REO closings as a percentage of existing home closings declined to 7.1% from 11.7% a year earlier.