New Home Closings Decline in State College According to Latest Figures
Posted on: May 06, 2013 07:36:01 AM
In the State College, PA market in February, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the January 2013. New home closings moved from 13 a year earlier to none after the figure moved from 11 in January 2012 to four in January 2013.
A total of 124 new homes were sold during the 12 months that ended in February, down from 137 for the year that ended in January.
Out of four total closings, none were of new homes, which makes up a smaller percentage than the 13 out of 76 total closings last year. For new and existing homes, closings declined in February after also declining in January year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings remained a burden on the market. Together, foreclosures plus REO closings accounted for 25.0% of existing home closings. They made up 17.5% in February 2012. The percentage of existing home closings involving foreclosures dipped to no part in February from 9.5% a year earlier while REO closings as a percentage of existing home closings gained to 25.0% from 7.9%.
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