New Home Sales Remain Level in Ithaca, Prices Drop According to Latest Data
Posted on: Nov 12, 2013 07:21:25 AM
New home closings in the Ithaca, NY market stayed the same year-over-year in July, remaining relatively stable after moving north year-over-year in June from the year earlier. New home closings moved from 1 a year earlier to 1 after the figure moved from none in June 2012 to 1 in June 2013. Closings remained level at 1 from a year earlier after the figure moved from none in June 2012 to 1 in June 2013.
New home closings were 1 out of 26 total closings, making up 3.8%. This is up on a percentage basis from 1 of 92 a year earlier. For new and existing homes, closings sank in July after also declining in June year-over-year.
The average value of newly sold homes in July 2013 was $235,000, down from last year's $695,000. This followed a set of periods with no new home closings in both June 2013 or June 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in July 2013.
Foreclosures and real estate owned (REO) closings staying steady in July from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up no part of existing home closings, about the same as a year earlier The percentage of existing home closings involving foreclosures stayed at no part of closings in July from a year earlier and REO closings as a percentage of existing home closings stayed level at no part.