New home closings in the Canton, OH market declined year-over-year in January, falling after a rise in December 2015. New home closings moved from 9 a year earlier to 4 after the figure moved from 8 in December 2014 to 17 in December 2015.
A total of 150 new homes were sold during the 12 months that ended in January, down from 155 for the year that ended in December.
4 of the 353 total closings were new home closings, a shift on a percentage basis from 9 out of 481 a year earlier. Following a year-over-year increase in December, closings of new and existing homes dropped year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $188,925, compared with $280,244 last year. This followed a 11.9% rise in December year-over-year.
Average mortgage size on new homes fell from $243,518 to $150,867. Average mortgage size on new homes went from $219,140 in December 2014 to $240,488 in December 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 fell from 2,272 square feet a year earlier to 829 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 30.4% of existing home closings, below 44.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.5% in January from 29.2% a year earlier while REO closings as a percentage of existing home closings grew to 16.9% from 15.3%.