There was an increase in closings of new homes in the Youngstown, OH market in February year-over-year, rebounding from a year-over-year decline in January 2016. New home closings moved from 1 a year earlier to 3 after the figure moved from 3 in January 2015 to 1 in January 2016.
A total of 36 new homes were sold during the 12 months that ended in February, up from 34 for the year that ended in January.
3 of the 497 total closings were new home closings, a shift on a percentage basis from 1 out of 545 a year earlier. Closings of new and existing homes saw a drop year-over-year in February after remaining steady in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $291,000, up from $170,000 a year earlier. This followed a 32.0% fall in January from a year earlier.
Average mortgage size on new homes increased to $268,500 from $153,000 last year. Average mortgage size on new homes went from $251,500 in January 2015 to $157,500 in January 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.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 34.2% of existing home closings, down from 49.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 15.0% in February from 20.8% a year earlier while REO closings as a percentage of existing home closings slid to 19.2% from 28.5% a year earlier.