New home closings fell year-over-year in May in the Akron, OH market, but the decline was less than the year-over-year decline in April. New home closings moved from 29 a year earlier to 3 after the figure moved from 15 in April 2015 to 1 in April 2016.
New home closings were 2.4% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 3 of the 1,157 total closings. For new and existing homes, closings fell in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $424,487 from $321,079 a year ago. This followed a 25.1% gain in April year-over-year.
The average mortgage size on new homes was $388,500, up from $266,714.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,641 square feet a year earlier to 2,882 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 19.7% of existing closings, lower than 32.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.8% in May from 13.1% a year earlier while REO closings as a percentage of existing home closings declined to 12.9% from 19.7% a year earlier.