Latest Figures Indicate New Home Closings in Kingston Decline
Posted on: Jun 06, 2014 07:24:15 AM
In February, the Kingston, NY market saw a drop year-over-year in new home closings, declining after staying relatively stable in January from the year earlier. Closings stood at 0 in February after being 1 a year earlier and remaining unchanged at 1 in January from a year earlier.
Last year, 1 of 91 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 104 total closings. For new and existing homes, closings gained year-over-year in February after also increasing in January year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 19.2% of existing home closings, above 16.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.5% in February from 6.7% a year earlier while REO closings as a percentage of existing home closings sank to 6.7% from 10.0% a year earlier.
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