In August, the Akron, OH market saw a drop year-over-year in new home closings, 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.
Last year, 23 of 1,337 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 1,290 total closings. Closings of new and existing homes fell year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
The average new home price was $266,075, down from $342,975 a year earlier. This followed 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 declined in August from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 28.6% of closings, below 39.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.7% in August from 24.4% a year earlier while REO closings as a percentage of existing home closings gained to 16.9% from 15.2%.