Closings of new homes dropped year-over-year in January in the Youngstown, OH market, but the decline was less than the year-over-year decline in December. New home closings moved from 3 a year earlier to 1 after the figure moved from 9 in December 2014 to 1 in December 2015.
A total of 34 new homes were sold during the 12 months that ended in January, down from 36 for the year that ended in December.
1 of the 483 total closings were new home closings, a shift on a percentage basis from 3 out of 498 a year earlier. Closings of new and existing homes slid year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $175,000, down from $257,333 a year earlier. This followed a 53.3% boost in December year-over-year.
The average mortgage size moved to $157,500, down from last year's $251,500.
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 2,762 square feet a year earlier to 2,091 square feet.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings represented 41.5% of existing home closings, below 50.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 28.6% in January from 24.4% a year earlier while REO closings as a percentage of existing home closings slid to 12.9% from 25.7% a year earlier.