In the Youngstown, OH market, closings of new homes fell year-over-year in March, sliding after a growth in February 2016. New home closings moved from 5 a year earlier to 1 after the figure moved from 1 in February 2015 to 3 in February 2016.
A total of 32 new homes were sold during the 12 months that ended in March, down from 36 for the year that ended in February.
1 of the 610 total closings were new home closings, a shift on a percentage basis from 5 out of 790 a year earlier. For new and existing homes, closings slid in March after also declining in February year-over-year.
The average new home price was $242,300, up from $170,280 a year earlier. This followed a 71.2% bump in February year-over-year.
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.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 33.8% of existing home closings, down from 52.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.6% in March from 21.8% a year earlier while REO closings as a percentage of existing home closings dropped to 17.2% from 31.0% a year earlier.