In April, the Canton, OH market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 11 a year earlier to 2 after the figure moved from 8 in March 2015 to 4 in March 2016.
A total of 123 new homes were sold during the 12 months that ended in April, down from 132 for the year that ended in March.
New home closings were 2 out of the 565 total closings, down on a percentage basis from 11 of 576 a year earlier. Following a year-over-year increase in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $358,300, an increase from $196,845 a year earlier. This followed a 5.4% fall in March from a year earlier.
The average mortgage size on new homes was $230,828, up from $180,563. Average mortgage size on new homes went from $215,358 in March 2015 to $190,806 in March 2016.
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 rose from 1,809 square feet a year earlier to 2,466 square feet.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 26.3% of existing home closings, below 37.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.5% in April from 20.0% a year earlier while REO closings as a percentage of existing home closings fell to 12.8% from 17.3% a year earlier.