Closings of new homes in the Akron, OH market dropped year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 12 a year earlier to none after the figure moved from 11 in November 2014 to 1 in November 2015.

New home closings were none out of the 919 total closings, down on a percentage basis from 12 of 1,044 a year earlier. Closings of new and existing homes dropped year-over-year in December after also falling in November year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 31.4% of existing closings, lower than 43.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.2% in December from 21.6% a year earlier while REO closings as a percentage of existing home closings slid to 20.2% from 22.0% a year earlier.

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