Closings of new homes sank year-over-year in October in the Cleveland, OH market, but the decline was less than the year-over-year decline in September. New home closings moved from 46 a year earlier to 6 after the figure moved from 61 in September 2014 to 6 in September 2015.

A total of 170 new homes were sold during the 12 months that ended in October, down from 210 for the year that ended in September.

New home closings were 6 out of the 3,159 total closings, down on a percentage basis from 46 of 3,006 a year earlier. For new and existing homes, closings gained 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 $273,659, compared with $310,340 last year. This was on the heels of a 58.3% decline in September from a year earlier.

From the year-ago figure of $232,235, the average mortgage size on new homes moved up to $236,800. Average mortgage size on new homes went from $239,541 in September 2014 to $137,123 in September 2015.

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.

There was a move in the average unit size of newly sold homes from 1,732 square feet in October 2014 to 1,748 square feet in October 2015.

Foreclosures and real estate owned (REO) closings fell in October from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 36.0% of existing closings, lower than 37.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 17.5% in October from 21.3% a year earlier while REO closings as a percentage of existing home closings jumped to 18.5% from 16.1%.

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