In July, there was a decline year-over-year in new home closings in the New York, NY market, but the percentage drop was an improvement from June 2013, suggesting the market may be leveling out. New home closings saw a fall of 29.1% from the year earlier to 610. This followed a 39.9% fall year-over-year in June.
A total of 7,413 new homes were sold during the 12 months that ended in July, down from 7,663 for the year that ended in June.
New home closings made up 4.4% of overall housing closings. This is down from the 7.6% of closings a year earlier. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
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