Closings of new homes in the Akron, OH market sank year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 34 a year earlier to none after the figure moved from 24 in June 2014 to 3 in June 2015.
New home closings were none out of the 1,380 total closings, down on a percentage basis from 34 of 1,455 a year earlier. Following a year-over-year increase in June, closings of new and existing homes fell year-over-year in July.
Other Market Trends
There were no new home closings in July 2015, but average size of newly sold homes was 2,439 a year earlier.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 29.3% of existing home closings, down from 38.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.3% in July from 25.3% a year earlier while REO closings as a percentage of existing home closings grew to 16.1% from 13.7%.