New home closings in the Youngstown, OH market stayed the same year-over-year in October, staying flat after advancing year-over-year in September from the year earlier. Closings remained level at five from a year earlier after the figure moved from four in September 2011 to seven in September 2012.
A total of 48 new homes were sold during the 12 months that ended in October, equal to the number of new homes sold for the year that ended in September.
For new and existing homes, closings rose year-over-year in October after also increasing in September year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $163,800, compared with $214,865 last year. This came after a 28.4% drop in September from a year earlier.
Average mortgage size on new homes rose from $65,250 to $101,600. Average mortgage size on new homes went from $102,600 in September 2011 to $126,863 in September 2012. For new home closings, the percentage of the sale price that was being financed climbed 31.7 percentage points year-over-year to 62.0% in October 2012.
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. Single-family home closings made up all of new home closings after accounting for four of five last year. Meanwhile, attached units made up no part of new home closings after making up one of five closings a year earlier.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 38.8% of closings. In October 2011, they accounted for 45.1%. The percentage of existing home closings involving foreclosures fell to 21.0% in October from 22.9% a year earlier while REO closings as a percentage of existing home closings slipped to 17.8% from 22.2% a year earlier.
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