In August, there was a fall year-over-year in new home closings in the Canton, OH market, and the decline was by a larger percentage than the July 2015. New home closings moved from 12 a year earlier to 2 after the figure moved from 16 in July 2014 to 5 in July 2015.
A total of 80 new homes were sold during the 12 months that ended in August, down from 90 for the year that ended in July.
Last year, 12 of 552 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 636 total closings. Following a fall in July year-over-year, closings of new and existing homes rose year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes was $274,650, an increase from $255,408 a year earlier. This was on the heels of a 24.3% gain in July year-over-year.
Average mortgage size on new homes increased to $246,250 from $240,130 last year. Average mortgage size on new homes went from $223,072 in July 2014 to $237,114 in July 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 rose from 2,179 square feet a year earlier to 2,228 square feet.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 25.6% of existing home closings, below 30.6% a year earlier. The percentage of existing home closings involving foreclosures went from 16.7% in August 2014 to 16.6% in August 2015 and REO closings as a percentage of existing home closings slid to 9.0% from 13.9% a year earlier.