New Home Prices Rise in Mansfield According to Newest Figures, Sales Fall
Posted on: Jul 06, 2014 07:22:55 AM
In the Mansfield, OH market in March, new home closings slid year-over-year, falling after a rise in February 2014. New home closings moved from 3 a year earlier to 1 after the figure moved from none in February 2013 to 2 in February 2014.
New home closings were 2.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 101 total closings. Following a year-over-year increase in February, closings of new and existing homes sank year-over-year in March.
The average price of new homes was $337,925, an increase from $122,442 a year earlier. This followed a set of periods with no new home closings in both February 2014 or February 2013.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2014.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 37.0% of existing home closings, down from 51.3% a year earlier. The percentage of existing home closings involving foreclosures went from 19.5% in March 2013 to 19.0% in March 2014 and REO closings as a percentage of existing home closings dropped to 18.0% from 31.9% a year earlier.