In the Dayton, OH market in February, new home closings declined year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 28 a year earlier to 2 after the figure moved from 23 in January 2015 to 9 in January 2016.
A total of 326 new homes were sold during the 12 months that ended in February, down from 352 for the year that ended in January.
New home closings were 2 out of the 928 total closings, down on a percentage basis from 28 of 836 a year earlier. Following a decline in January year-over-year, closings of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $279,200, a move from $276,554 a year earlier. This followed a 14.7% rise in January year-over-year.
Average mortgage size on new homes increased to $235,338 from $231,818 last year. Average mortgage size on new homes went from $222,317 in January 2015 to $215,210 in January 2016.
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 2,241 square feet a year earlier to 1,979 square feet.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 37.0% of existing closings, lower than 43.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 18.6% in February from 21.2% a year earlier while REO closings as a percentage of existing home closings slid to 18.5% from 22.6% a year earlier.