Freshest Numbers Show New Home Sales Drop in Youngstown
Posted on: Aug 08, 2014 11:57:58 AM
Closings of new homes in the Youngstown, OH market dropped year-over-year in April, dropping after staying level in March. Closings stood at 0 in April after being 2 a year earlier and remaining unchanged at 0 in March from a year earlier. New home closings moved from 2 a year earlier to none after the figure moved from none in March 2013 to none in March 2014.
None of the 594 total closings were new home closings, a shift on a percentage basis from 2 out of 659 a year earlier. After rising year-over-year in March, closings of new and existing homes dropped year-over-year in April.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 40.1% of existing home closings, below 47.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 21.7% in April from 24.5% a year earlier while REO closings as a percentage of existing home closings slid to 18.4% from 22.8% a year earlier.
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