In November, the Canton, OH market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the October 2015. New home closings moved from 10 a year earlier to none after the figure moved from 13 in October 2014 to 1 in October 2015.
Last year, 10 of 382 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 481 total closings. After remaining steady in October from a year earlier, closings of new and existing homes increased in November.
Other Market Trends
There were no new home closings in November 2015, but average size of newly sold homes was 2,385 a year earlier.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 31.0% of existing home closings, down from 36.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 15.0% in November from 21.0% a year earlier and REO closings moved from 15.3% of existing home closings in November 2014 to 16.0% in November 2015.