The Akron, OH market saw a drop in new home closings year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from 11 a year earlier to 2 after the figure moved from 32 in October 2014 to none in October 2015.
New home closings were 2 out of the 884 total closings, a move on a percentage basis from 11 of 1,006 a year earlier. Closings of new and existing homes slid year-over-year in November after remaning steady in October year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $267,275, down from last year's $317,765. This was on the heels of a.
Average mortgage size on newly sold homes saw a decline year-over-year from $255,362 to $149,194.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 35.8% of existing home closings, down from 45.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.7% in November from 29.3% a year earlier while REO closings as a percentage of existing home closings gained to 19.2% from 16.5%.