New home closings in the Youngstown, OH market remained steady year-over-year in June, staying relatively stable after having decreased year-over-year in May. Closings remained level at 1 from a year earlier after the figure moved from 4 in May 2014 to 2 in May 2015.
1 of the 803 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Closings of new and existing homes gained year-over-year in June following a fall in May year-over-year.
The average value of newly sold homes in June 2015 was $28,233, down from last year's $186,700. This was on the heels of a 78.2% drop in May from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2015.
Foreclosures and real estate owned (REO) closings declined in June from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 29.9% of existing closings, lower than 33.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 15.0% in June from 19.3% a year earlier and REO closings moved from 14.6% of existing home closings in June 2014 to 15.0% in June 2015.