In June, the Akron, OH market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the May 2016. New home closings moved from 33 a year earlier to 2 after the figure moved from 29 in May 2015 to 3 in May 2016.
A total of 129 new homes were sold during the 12 months that ended in June, down from 160 for the year that ended in May.
New home closings were 2.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 2 of the 1,231 total closings. Following a year-over-year decline in May, closings of new and existing homes also slid year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $254,000, down from $303,095 a year earlier. This was on the heels of a 32.2% bump in May year-over-year.
Average mortgage size on new homes fell from $265,519 to $232,675. Average mortgage size on new homes went from $266,714 in May 2015 to $388,500 in May 2016.
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 2,609 square feet a year earlier to 2,948 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 16.7% of existing home closings, below 30.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.5% in June from 15.0% a year earlier while REO closings as a percentage of existing home closings slid to 11.2% from 15.2% a year earlier.