Latest Numbers Show Prices of New Homes Gain in Mansfield, Sales Drop
Posted on: Mar 06, 2014 07:26:23 AM
The Mansfield, OH market saw a drop in new home closings year-over-year in November, falling after a rise in October 2013. New home closings moved from 2 a year earlier to 1 after the figure moved from none in October 2012 to 4 in October 2013.
1 of the 113 total closings were new home closings, a shift on a percentage basis from 2 out of 126 a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
The average new home value went from $209,775 last year to $253,050. This was on the heels of a shift from no closings in October 2012 to an average price of $231,950 in October 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 November 2013.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented a quarter of existing closings, lower than 46.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.5% in November from 20.2% a year earlier while REO closings as a percentage of existing home closings dropped to 12.5% from 25.8% a year earlier.