In the Canton, OH market, closings of new homes slid year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 16 a year earlier to 2 after the figure moved from 9 in January 2015 to 4 in January 2016.
A total of 136 new homes were sold during the 12 months that ended in February, down from 150 for the year that ended in January.
New home closings were 2 out of the 433 total closings, down on a percentage basis from 16 of 396 a year earlier. Closings of new and existing homes climbed year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
The average price for new homes was $254,500, moving from $256,425 last year. This was on the heels of a 32.6% drop in January from a year earlier.
The average mortgage size moved to $105,000, down from last year's $246,843. Average mortgage size on new homes went from $243,518 in January 2015 to $150,867 in January 2016.
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 2,144 square feet a year earlier to 1,975 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 29.9% of closings, below 43.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.0% in February from 24.2% a year earlier while REO closings as a percentage of existing home closings dropped to 13.9% from 19.5% a year earlier.