In June, there was a decline year-over-year in new home closings in the Dayton, OH market, and the decline was by a larger percentage than the May 2016. New home closings moved from 40 a year earlier to 3 after the figure moved from 38 in May 2015 to 4 in May 2016.
A total of 200 new homes were sold during the 12 months that ended in June, down from 237 for the year that ended in May.
New home closings were 3 out of the 1,620 total closings, down on a percentage basis from 40 of 1,654 a year earlier. Following a year-over-year rise in May, closings of new and existing homes sank year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $230,833, down from $266,686 a year earlier. This followed a 44.4% gain in May year-over-year.
The average mortgage size on new homes was $278,565, up from $234,393. Average mortgage size on new homes went from $243,162 in May 2015 to $316,513 in May 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 rose from 1,899 square feet a year earlier to 1,928 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 19.2% of existing home closings, below 27.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.2% in June from 11.6% a year earlier while REO closings as a percentage of existing home closings fell to 10.1% from 16.0% a year earlier.