In the Dayton, OH market, new home closings dropped year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 38 a year earlier to 9 after the figure moved from 31 in May 2014 to 6 in May 2015.
A total of 233 new homes were sold during the 12 months that ended in June, down from 262 for the year that ended in May.
New home closings were 9 out of the 1,590 total closings, down on a percentage basis from 38 of 1,499 a year earlier. Closings of new and existing homes jumped year-over-year in June following a drop in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $213,075, down from $251,689 a year earlier. This was on the heels of a 16.3% gain in May year-over-year.
The average mortgage size went down to $171,621 from $246,998 a year earlier. Average mortgage size on new homes went from $242,558 in May 2014 to $307,447 in May 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 2,521 square feet a year earlier to 1,397 square feet.
Foreclosures and real estate owned (REO) closings fell in June from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 27.5% of existing home closings, below 32.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.3% in June from 19.2% a year earlier while REO closings as a percentage of existing home closings climbed to 16.2% from 13.6%.