Closings of new homes sank year-over-year in October in the Dayton, OH market, and the decline was by a larger percentage than the September 2015. New home closings moved from 44 a year earlier to 7 after the figure moved from 34 in September 2014 to 8 in September 2015.
A total of 116 new homes were sold during the 12 months that ended in October, down from 153 for the year that ended in September.
New home closings were 7 out of the 1,350 total closings, down on a percentage basis from 44 of 1,403 a year earlier. After rising year-over-year in September, closings of new and existing homes slid year-over-year in October.
Pricing and Mortgage Trends
The average per-unit price of new homes was $174,786, compared with $275,813 last year. This followed a 20.1% decline in September from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $233,578 to $149,766. Average mortgage size on new homes went from $222,887 in September 2014 to $141,126 in September 2015.
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 fell from 2,151 square feet a year earlier to 1,091 square feet.
Foreclosures and real estate owned (REO) closings declined in October from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings represented 34.0% of existing home closings, down from 38.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 16.9% in October from 23.7% a year earlier while REO closings as a percentage of existing home closings grew to 17.1% from 15.1%.