In the Canton, OH market, new home closings slid year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 16 a year earlier to 4 after the figure moved from 13 in May 2015 to 4 in May 2016.
A total of 102 new homes were sold during the 12 months that ended in June, down from 114 for the year that ended in May.
New home closings represented 4 out of the 607 total closings, which is a smaller percentage than the 16 of 621 total closings a year earlier. Following a year-over-year rise in May, closings of new and existing homes declined year-over-year in June.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $310,550 from $271,739 a year ago. This followed a 6.5% boost in May year-over-year.
The average mortgage size went down to $217,825 from $263,794 a year earlier. Average mortgage size on new homes went from $253,122 in May 2015 to $284,826 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes fell from 2,535 square feet a year earlier to 2,090 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.1% of existing closings, lower than 26.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.3% in June from 15.0% a year earlier while REO closings as a percentage of existing home closings dropped to 8.8% from 10.9% a year earlier.