In the Youngstown, OH market in May, closings of new homes slid year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 8 a year earlier to none after the figure moved from 3 in April 2015 to 1 in April 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.1% a year earlier. For new and existing homes, closings slid in May after also declining in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in May from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 30.3% of closings, below 33.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 20.4% in May from 16.4% a year earlier while REO closings as a percentage of existing home closings fell to 9.9% from 16.8% a year earlier.