New home closings declined year-over-year in January in the Dayton, OH market, but the decline was less than the year-over-year decline in December. New home closings moved from 18 a year earlier to 4 after the figure moved from 34 in December 2014 to 5 in December 2015.

A total of 224 new homes were sold during the 12 months that ended in January, down from 238 for the year that ended in December.

New home closings were 1.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 4 of the 921 total closings. Following a year-over-year decline in December, closings of new and existing homes also slid year-over-year in January.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $232,450 from $228,217 a year ago. This followed a 42.0% bump in December year-over-year.

Average mortgage size on new homes fell from $207,187 to $202,320. Average mortgage size on new homes went from $238,471 in December 2014 to $293,114 in December 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 2,139 square feet a year earlier to 1,726 square feet.

Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 41.0% of closings, below 47.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 22.2% in January from 25.9% a year earlier while REO closings as a percentage of existing home closings slid to 18.8% from 21.3% a year earlier.

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