In the Akron, OH market, closings of new homes declined year-over-year in June, and the decline was by a larger percentage than the May 2015. New home closings moved from 24 a year earlier to 2 after the figure moved from 18 in May 2014 to 4 in May 2015.
A total of 142 new homes were sold during the 12 months that ended in June, down from 164 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 0.1% from 1.9% a year earlier. Following a year-over-year increase in May, closings of new and existing homes also grew year-over-year in June.
Pricing and Mortgage Trends
The average new home value went from $298,575 last year to $309,000. This came after a 6.9% drop in May from a year earlier.
From the year-ago figure of $247,269, the average mortgage size on new homes moved up to $289,285. Average mortgage size on new homes went from $223,966 in May 2014 to $246,393 in May 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 2,247 square feet a year earlier to 1,757 square feet.
Foreclosures and real estate owned (REO) closings decreased in June from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 29.8% of closings, below 35.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.9% in June from 18.8% a year earlier while REO closings as a percentage of existing home closings slid to 15.0% from 16.3% a year earlier.