New home closings declined year-over-year in January in the Akron, OH market, and the decline was by a larger percentage than the December 2015. New home closings moved from 22 a year earlier to 1 after the figure moved from 19 in December 2014 to 6 in December 2015.
A total of 236 new homes were sold during the 12 months that ended in January, down from 257 for the year that ended in December.
New home closings were 1 out of the 714 total closings, down on a percentage basis from 22 of 763 a year earlier. For new and existing homes, closings sank in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $293,800, compared with $550,942 last year. This was on the heels of a 12.4% decline in December from a year earlier.
The average mortgage size went down to $279,010 from $304,439 a year earlier. Average mortgage size on new homes went from $273,122 in December 2014 to $240,297 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.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 35.6% of existing home closings, below 44.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.1% in January from 19.7% a year earlier and REO closings moved from 25.2% of existing home closings in January 2015 to 24.5% in January 2016.