Prices of New Homes Climb in Mansfield, Sales Decrease According to Recent Data
Posted on: Aug 08, 2014 11:35:07 AM
In the Mansfield, OH market, new home closings declined year-over-year in March, 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.
Last year, 3 of 116 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 101 total closings. After rising year-over-year in February, closings of new and existing homes slid year-over-year in March.
The average price of new homes rose to $337,925 from last year's $122,442. This came after a shift to an average price of $126,750 in February 2014 after there were no closings in 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 remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 37.0% of closings, below 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 sank to 18.0% from 31.9% a year earlier.