In the Cleveland, OH market, closings of new homes sank year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 60 a year earlier to 9 after the figure moved from 69 in January 2015 to 12 in January 2016.

A total of 677 new homes were sold during the 12 months that ended in February, down from 728 for the year that ended in January.

New home closings were 9 out of the 2,554 total closings, down on a percentage basis from 60 of 2,263 a year earlier. Closings of new and existing homes jumped year-over-year in February following a fall in January year-over-year.

Pricing and Mortgage Trends

The average price for new homes was $316,267, moving from $318,915 last year. This followed a period of stability in January from a year earlier.

Average mortgage size on new homes increased to $288,176 from $244,942 last year. Average mortgage size on new homes went from $253,930 in January 2015 to $244,500 in January 2016.

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.

The average unit size of newly sold homes rose from 2,612 square feet a year earlier to 3,183 square feet.

Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 40.4% of existing closings, lower than 47.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 20.0% in February from 22.1% a year earlier while REO closings as a percentage of existing home closings fell to 20.4% from 25.8% a year earlier.

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