In the Akron, OH market, closings of new homes slid year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 15 a year earlier to 1 after the figure moved from 21 in March 2015 to none in March 2016.
New home closings were 1 out of the 1,005 total closings, down on a percentage basis from 15 of 1,119 a year earlier. Following a year-over-year rise in March, closings of new and existing homes sank year-over-year in April.
The average new home value went from $320,162 last year to $400,570. This came after a.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 27.2% of existing closings, lower than 42.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.7% in April from 21.5% a year earlier while REO closings as a percentage of existing home closings slid to 15.5% from 21.4% a year earlier.