In the Mansfield, OH market in May, new home closings declined year-over-year, but the decline was less than the year-over-year decline in April. New home closings moved from 2 a year earlier to 1 after the figure moved from 1 in April 2015 to none in April 2016.
New home closings were 1 out of the 212 total closings, a move on a percentage basis from 2 of 196 a year earlier. Closings of new and existing homes gained year-over-year in May following a drop in April year-over-year.
The average per-unit price of new homes was $44,000, compared with $290,138 last year. This followed a.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 28.0% of existing closings, lower than 33.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.6% in May from 20.1% a year earlier while REO closings as a percentage of existing home closings fell to 11.4% from 13.4% a year earlier.