In August, the Mansfield, OH market saw a drop year-over-year in new home closings, dropping after staying level in July. Closings stood at 0 in August after being 1 a year earlier and remaining unchanged at 0 in July from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in July 2014 to none in July 2015.
None of the 153 total closings were new home closings, a shift on a percentage basis from 1 out of 172 a year earlier. Following a year-over-year increase in July, closings of new and existing homes dropped year-over-year in August.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 22.9% of existing home closings, down from 34.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.1% in August from 21.1% a year earlier while REO closings as a percentage of existing home closings dropped to 11.8% from 13.5% a year earlier.