In August, the Dayton, OH market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the July 2015. New home closings moved from 40 a year earlier to 4 after the figure moved from 33 in July 2014 to 6 in July 2015.
A total of 179 new homes were sold during the 12 months that ended in August, down from 215 for the year that ended in July.
New home closings represented 4 out of the 1,491 total closings, which is a smaller percentage than the 40 of 1,415 total closings a year earlier. For new and existing homes, closings gained year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $246,450, compared with $281,954 last year. This followed a 28.7% fall in July from a year earlier.
There was a decline in average mortgage size on new homes, going from $232,842 last year to $145,867 in August 2015. Average mortgage size on new homes went from $264,851 in July 2014 to $158,245 in July 2015.
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 2,695 square feet a year earlier to 1,874 square feet.
Foreclosures and real estate owned (REO) closings fell in August from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 27.0% of existing closings, lower than 33.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.6% in August from 19.1% a year earlier while REO closings as a percentage of existing home closings dropped to 12.4% from 14.3% a year earlier.