New home closings in the Canton, OH market declined year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 18 a year earlier to 3 after the figure moved from 16 in May 2014 to 2 in May 2015.
A total of 96 new homes were sold during the 12 months that ended in June, down from 111 for the year that ended in May.
New home closings represented 3 out of the 593 total closings, which is a smaller percentage than the 18 of 621 total closings a year earlier. Following a year-over-year decline in May, closings of new and existing homes also sank year-over-year in June.
Pricing and Mortgage Trends
The average new home value went from $263,033 last year to $350,667. This was on the heels of a 56.2% gain in May year-over-year.
Average mortgage size on new homes moved from $232,245 to $234,460. Average mortgage size on new homes went from $200,123 in May 2014 to $280,100 in May 2015.
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.
The average unit size of newly sold homes rose from 2,184 square feet a year earlier to 2,269 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 24.7% of existing closings, lower than 27.9% a year earlier. The percentage of existing home closings involving foreclosures stayed at 13.9% of closings in June from a year earlier while REO closings as a percentage of existing home closings declined to 10.8% from 13.9% a year earlier.