In August, there was a fall year-over-year in new home closings in the Dayton, OH market, and the decline was by a larger percentage than the July 2015. New home closings moved from 40 a year earlier to 4 after the figure moved from 33 in July 2014 to 6 in July 2015.
A total of 179 new homes were sold during the 12 months that ended in August, down from 215 for the year that ended in July.
New home closings were 4 out of the 1,491 total closings, down on a percentage basis from 40 of 1,415 a year earlier. For new and existing homes, closings rose year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $246,450, down from last year's $281,954. This came after a 28.7% fall in July from a year earlier.
The average mortgage size moved to $145,867, down from last year's $232,842. Average mortgage size on new homes went from $264,851 in July 2014 to $158,245 in July 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 2,695 square feet a year earlier to 1,874 square feet.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 27.0% of existing home closings, below 33.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 14.6% in August from 19.1% a year earlier while REO closings as a percentage of existing home closings sank to 12.4% from 14.3% a year earlier.