New home closings in the Canton, OH market fell year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 13 a year earlier to 4 after the figure moved from 11 in April 2015 to 2 in April 2016.
A total of 114 new homes were sold during the 12 months that ended in May, down from 123 for the year that ended in April.
Last year, 13 of 524 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 653 total closings. Closings of new and existing homes rose in May after staying steady in April from a year earlier.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $279,075 from $262,085 a year ago. This came after a 82.0% boost in April year-over-year.
Average mortgage size on new homes increased to $284,826 from $253,122 last year. Average mortgage size on new homes went from $180,563 in April 2015 to $230,828 in April 2016.
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 rose from 2,322 square feet a year earlier to 2,460 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 21.4% of existing closings, lower than 24.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 12.0% in May from 13.7% a year earlier while REO closings as a percentage of existing home closings fell to 9.4% from 11.0% a year earlier.