In the Mansfield, OH market, new home closings dropped year-over-year in August, dropping after staying level in July. New home closings moved from 1 a year earlier to none after the figure moved from none in July 2014 to none in July 2015. Closings stood at 0 in August after being 1 a year earlier and remaining unchanged at 0 in July from a year earlier.
None of the 153 total closings were new home closings, a shift on a percentage basis from 1 out of 172 a year earlier. Following a year-over-year rise in July, closings of new and existing homes declined year-over-year in August.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 22.9% of existing home closings, down from 34.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.1% in August from 21.1% a year earlier while REO closings as a percentage of existing home closings slid to 11.8% from 13.5% a year earlier.