New home closings declined year-over-year in December in the Canton, OH market, but the decline was less than the year-over-year decline in November. New home closings moved from 8 a year earlier to 2 after the figure moved from 10 in November 2014 to none in November 2015.
New home closings were 1.6% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 2 of the 534 total closings. Closings of new and existing homes rose year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $192,000, down from $249,025 a year earlier. This came after a.
The average mortgage size moved to $160,800, down from last year's $219,140.
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.
The average unit size of newly sold homes fell from 2,077 square feet a year earlier to 1,979 square feet.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 33.5% of closings, below 35.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 20.9% in December from 18.1% a year earlier while REO closings as a percentage of existing home closings fell to 12.6% from 17.1% a year earlier.