In the Akron, OH market, new home closings dropped year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 21 a year earlier to none after the figure moved from 27 in February 2015 to 9 in February 2016.
New home closings were none out of the 1,048 total closings, down on a percentage basis from 21 of 1,039 a year earlier. Closings of new and existing homes stayed level after increasing in February year-over-year.
Other Market Trends
There were no new home closings in March 2016, but average size of newly sold homes was 2,926 a year earlier.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 38.4% of existing home closings, down from 42.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.7% in March from 16.1% a year earlier while REO closings as a percentage of existing home closings slid to 19.7% from 26.0% a year earlier.