New home closings slid year-over-year in August in the Canton, OH market, and the decline was by a larger percentage than the July 2015. New home closings moved from 12 a year earlier to 2 after the figure moved from 16 in July 2014 to 5 in July 2015.
A total of 80 new homes were sold during the 12 months that ended in August, down from 90 for the year that ended in July.
New home closings were 2.2% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 2 of the 636 total closings. Following a drop in July year-over-year, closings of new and existing homes increased year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes was $274,650, an increase from $255,408 a year earlier. This was on the heels of a 24.3% hike in July year-over-year.
Average mortgage size on new homes rose from $240,130 to $246,250. Average mortgage size on new homes went from $223,072 in July 2014 to $237,114 in July 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.
The average unit size of newly sold homes rose from 2,179 square feet a year earlier to 2,228 square feet.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 25.6% of existing closings, lower than 30.6% a year earlier. The percentage of existing home closings involving foreclosures went from 16.7% in August 2014 to 16.6% in August 2015 and REO closings as a percentage of existing home closings declined to 9.0% from 13.9% a year earlier.