New home closings declined year-over-year in August in the Akron, OH market, but the decline was less than the year-over-year decline in July. New home closings moved from 23 a year earlier to 2 after the figure moved from 34 in July 2014 to none in July 2015.
On a percentage basis, new home closings as a part of total closings decreased to 0.2% from 1.7% a year earlier. Following a year-over-year decline in July, closings of new and existing homes also fell year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $266,075, down from $342,975 a year earlier. This came after a.
The average mortgage size went down to $228,870 from $281,303 a year earlier.
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 2,787 square feet a year earlier to 1,386 square feet.
Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 28.6% of closings, below 39.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.7% in August from 24.4% a year earlier while REO closings as a percentage of existing home closings grew to 16.9% from 15.2%.