Closings of new homes fell year-over-year in March in the Canton, OH market, but the decline was less than the year-over-year decline in February. New home closings moved from 8 a year earlier to 4 after the figure moved from 16 in February 2015 to 2 in February 2016.
A total of 132 new homes were sold during the 12 months that ended in March, down from 136 for the year that ended in February.
4 of the 510 total closings were new home closings, a shift on a percentage basis from 8 out of 478 a year earlier. Closings of new and existing homes grew year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $243,075, down from last year's $256,963. This was on the heels of a move from $256,425 per unit to $254,500 from February 2015 to February 2016.
Average mortgage size on newly sold homes saw a decline year-over-year from $215,358 to $190,806. Average mortgage size on new homes went from $246,843 in February 2015 to $105,000 in February 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 fell from 2,300 square feet a year earlier to 1,908 square feet.
Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 28.3% of closings, below 37.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.4% in March from 24.7% a year earlier while REO closings as a percentage of existing home closings gained to 14.8% from 12.8%.