In the Canton, OH market in October, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the September 2015. New home closings moved from 13 a year earlier to 1 after the figure moved from 12 in September 2014 to 3 in September 2015.
A total of 59 new homes were sold during the 12 months that ended in October, down from 71 for the year that ended in September.
Last year, 13 of 555 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 552 total closings. Closings of new and existing homes remained steady in October after being unchanged in September from a year earlier.
Pricing and Mortgage Trends
The average new home price was $48,000, down from $213,038 a year earlier. This followed a 15.3% drop in September from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $179,913 to $47,520. Average mortgage size on new homes went from $226,816 in September 2014 to $152,850 in September 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 2,019 square feet a year earlier to 1,040 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in October, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 20.9% of closings, below 25.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.6% in October from 13.7% a year earlier while REO closings as a percentage of existing home closings rose to 13.2% from 12.0%.