The Youngstown, OH market saw a drop in new home closings year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 3 a year earlier to 1 after the figure moved from 5 in March 2015 to 1 in March 2016.
A total of 29 new homes were sold during the 12 months that ended in April, down from 31 for the year that ended in March.
1 of the 592 total closings were new home closings, a shift on a percentage basis from 3 out of 739 a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $244,900, an increase from $164,133 a year earlier. This was on the heels of a 42.3% boost in March year-over-year.
The average mortgage size on new homes was $232,655, up from $145,000.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 30.6% of closings, below 38.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.9% in April from 17.9% a year earlier while REO closings as a percentage of existing home closings fell to 16.8% from 20.7% a year earlier.