In the Dayton, OH market, new home closings slid year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 38 a year earlier to 4 after the figure moved from 33 in April 2015 to 5 in April 2016.
A total of 238 new homes were sold during the 12 months that ended in May, down from 272 for the year that ended in April.
New home closings represented 4 out of the 1,667 total closings, which is a smaller percentage than the 38 of 1,422 total closings a year earlier. Following a fall in April year-over-year, closings of new and existing homes gained year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $389,900, an increase from $269,980 a year earlier. This was on the heels of a move from $285,497 per unit in April 2015 to $285,080 in April 2016.
The average mortgage size on new homes was $316,513, up from $243,162. Average mortgage size on new homes went from $230,830 in April 2015 to $205,237 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 2,370 square feet a year earlier to 2,559 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, made up 23.9% of existing closings, lower than 28.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.7% in May from 13.4% a year earlier while REO closings as a percentage of existing home closings fell to 12.2% from 15.2% a year earlier.