In the Canton, OH market, new home closings fell year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 16 a year earlier to 5 after the figure moved from 18 in June 2014 to 3 in June 2015.
A total of 88 new homes were sold during the 12 months that ended in July, down from 99 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 0.9% from 2.4% a year earlier. For new and existing homes, closings fell in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $303,580 from $244,143 a year ago. This came after a 33.3% rise in June year-over-year.
Average mortgage size on new homes increased to $237,114 from $223,072 last year. It went from $232,245 to $234,460 from June 2014 to June 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 rose from 2,294 square feet a year earlier to 2,581 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 19.2% of existing home closings, down from 30.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.1% in July from 17.2% a year earlier while REO closings as a percentage of existing home closings declined to 9.1% from 12.8% a year earlier.