In the Dayton, OH market, new home closings sank year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 34 a year earlier to 4 after the figure moved from 46 in October 2014 to 9 in October 2015.
A total of 184 new homes were sold during the 12 months that ended in November, down from 214 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 3.0% a year earlier. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $314,525, up from $300,324 a year earlier. This came after a 26.9% decline in October from a year earlier.
From the year-ago figure of $253,794, the average mortgage size on new homes moved up to $269,075. Average mortgage size on new homes went from $232,085 in October 2014 to $182,408 in October 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,521 square feet a year earlier to 1,935 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 33.9% of existing home closings, below 39.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 17.1% in November from 23.7% a year earlier and REO closings moved from 15.9% of existing home closings in November 2014 to 16.9% in November 2015.