In April, the Dayton, OH market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 33 a year earlier to 4 after the figure moved from 31 in March 2015 to 5 in March 2016.
A total of 271 new homes were sold during the 12 months that ended in April, down from 300 for the year that ended in March.
Last year, 33 of 1,384 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 1,349 total closings. Following a year-over-year rise in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $285,497 last year to $324,350. This followed a 28.2% surge in March year-over-year.
Average mortgage size on new homes fell from $230,830 to $226,146. Average mortgage size on new homes went from $213,558 in March 2015 to $302,994 in March 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 2,590 square feet a year earlier to 2,339 square feet.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 28.5% of existing closings, lower than 31.8% a year earlier. The percentage of existing home closings involving foreclosures stayed at 14.7% of closings in April from a year earlier while REO closings as a percentage of existing home closings slid to 13.9% from 17.1% a year earlier.