In the Akron, OH market in October, new home closings slid year-over-year, and the decline was by a larger percentage than the September 2015. New home closings moved from 32 a year earlier to none after the figure moved from 19 in September 2014 to 1 in September 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 2.7% a year earlier. Closings of new and existing homes dropped year-over-year in October after also falling in September year-over-year.
Other Market Trends
There were no new home closings in October 2015, but average size of newly sold homes was 1,386 a year earlier.
Foreclosures and real estate owned (REO) closings fell in October from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 36.6% of existing home closings, down from 43.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 17.5% in October from 27.7% a year earlier while REO closings as a percentage of existing home closings gained to 19.1% from 16.2%.