In the Dayton, OH market, closings of new homes slid year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 28 a year earlier to 4 after the figure moved from 34 in November 2014 to 4 in November 2015.
A total of 160 new homes were sold during the 12 months that ended in December, down from 184 for the year that ended in November.
New home closings were 2.3% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 4 of the 1,078 total closings. For new and existing homes, closings dropped in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $360,825, an increase from $264,371 a year earlier. This followed a 4.7% boost in November year-over-year.
Average mortgage size on new homes rose from $240,844 to $278,393. Average mortgage size on new homes went from $253,794 in November 2014 to $269,075 in November 2015.
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.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 31.5% of existing home closings, down from 42.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 14.3% in December from 23.2% a year earlier while REO closings as a percentage of existing home closings declined to 17.1% from 19.3% a year earlier.