In the Dayton, OH market, new home closings dropped year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 33 a year earlier to 6 after the figure moved from 38 in June 2014 to 9 in June 2015.
A total of 208 new homes were sold during the 12 months that ended in July, down from 235 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 2.3% a year earlier. Following a year-over-year increase in June, closings of new and existing homes also rose year-over-year in July.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $195,200, down from last year's $273,918. This followed a 15.3% decline in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $264,851 to $158,245. Average mortgage size on new homes went from $246,998 in June 2014 to $171,621 in 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 fell from 2,709 square feet a year earlier to 1,402 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 23.5% of closings, below 27.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.8% in July from 15.4% a year earlier while REO closings as a percentage of existing home closings jumped to 14.7% from 11.7%.