The Youngstown, OH market saw a drop in new home closings year-over-year in March, dropping after a year-over-year increase 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.
New home closings were 1 out of the 610 total closings, a move on a percentage basis from 5 of 790 a year earlier. For new and existing homes, closings slid in March after also declining in February year-over-year.
The average price of new homes rose to $242,300 from last year's $170,280. This came after a 71.2% boost 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 fell in March from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 33.8% of existing home closings, below 52.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 16.6% in March from 21.8% a year earlier while REO closings as a percentage of existing home closings sank to 17.2% from 31.0% a year earlier.