In February, there was a fall year-over-year in new home closings in the Akron, OH market, but the decline was less than the year-over-year decline in January. New home closings moved from 27 a year earlier to 9 after the figure moved from 22 in January 2015 to 1 in January 2016.
A total of 218 new homes were sold during the 12 months that ended in February, down from 236 for the year that ended in January.
New home closings were 3.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 9 of the 728 total closings. Closings of new and existing homes sank year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $243,357, down from $324,762 a year earlier. This was on the heels of a 46.7% fall in January from a year earlier.
The average mortgage size went down to $241,500 from $282,191 a year earlier. Average mortgage size on new homes went from $304,439 in January 2015 to $279,010 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.
The average unit size of newly sold homes fell from 3,009 square feet a year earlier to 1,528 square feet.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 35.0% of existing closings, lower than 45.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.5% in February from 15.8% a year earlier while REO closings as a percentage of existing home closings sank to 23.5% from 30.0% a year earlier.