In March, there was a decline year-over-year in new home closings in the Akron, OH market, and the decline was by a larger percentage than the February 2016. New home closings moved from 21 a year earlier to none after the figure moved from 27 in February 2015 to 9 in February 2016.
New home closings were 2.0% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 1,048 total closings. After new and existing closings rose in February year-over-year, they stayed level in March.
Other Market Trends
There were no new home closings in March 2016, but average size of newly sold homes was 2,926 a year earlier.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings represented 38.4% of existing home closings, below 42.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.7% in March from 16.1% a year earlier while REO closings as a percentage of existing home closings fell to 19.7% from 26.0% a year earlier.