In the Dayton, OH market, closings of new homes sank year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 31 a year earlier to 5 after the figure moved from 28 in February 2015 to 2 in February 2016.
A total of 300 new homes were sold during the 12 months that ended in March, down from 326 for the year that ended in February.
Last year, 31 of 1,227 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 1,270 total closings. Closings of new and existing homes rose year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $314,280, an increase from $245,232 a year earlier. This came after a move from $276,554 per unit to $279,200 from February 2015 to February 2016.
The average mortgage size on new homes was $302,994, up from $213,558. Average mortgage size on new homes went from $231,818 in February 2015 to $235,338 in February 2016.
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 rose from 2,045 square feet a year earlier to 2,118 square feet.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 31.4% of existing closings, lower than 38.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 17.2% in March from 19.2% a year earlier while REO closings as a percentage of existing home closings sank to 14.2% from 19.5% a year earlier.