In the Youngstown, OH market, closings of new homes rose year-over-year in July, rebounding from a year-over-year decline in June 2012. New home closings moved from five a year earlier to seven after the figure moved from eight in June 2011 to none in June 2012.
A total of 55 new homes were sold during the 12 months that ended in July, up from 53 for the year that ended in June.
Seven of the 551 total closings were new home closings, a shift on a percentage basis from five out of 515 a year earlier. Closings of new and existing homes rose year-over-year in July after also rising in June year-over-year.
The average new home price was $177,486, up from $77,500 a year earlier. This was on the heels of a set of periods with no new home closings in both June 2012 or June 2011
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached closings made up one of seven new home closings after accounting for no part of closings a year earlier. Meanwhile, single-family homes made up six of seven new home closings after making up all of closings a year earlier.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 36.4% of closings. They accounted for 45.1% in July 2011. The percentage of existing home closings involving foreclosures fell to 17.1% in July from 22.2% a year earlier while REO closings as a percentage of existing home closings slipped to 19.3% from 22.9% a year earlier.
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