New home closings in the Youngstown, OH market dropped year-over-year in July, falling after remaining level in June from the year earlier. Closings stood at 0 in July after being 2 a year earlier and remaining unchanged at 1 in June from a year earlier.
None of the 799 total closings were new home closings, a shift on a percentage basis from 2 out of 748 a year earlier. For new and existing homes, closings increased year-over-year in July after also increasing in June year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 31.2% of existing home closings, down from 36.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 17.9% in July from 22.1% a year earlier and REO closings moved from 13.9% of existing home closings in July 2014 to 13.3% in July 2015.