Closings of new homes dropped year-over-year in November in the Cincinnati, OH market, but the percentage drop, which was less steep than in October 2015, seemed to be suggesting market improvement. New home closings saw a drop of 76.3% from the year earlier to 37. This came on the heels of a 82.1% decline year-over-year in October.
A total of 823 new homes were sold during the 12 months that ended in November, down from 942 for the year that ended in October.
Out of all housing closings, new home closings made up 1.6%. This is a decline 5.7% of closings a year earlier. Following a year-over-year decline in October, closings of new and existing homes also sank year-over-year in November.
Pricing and Mortgage Trends
In November, the average price for new home closings was $281,050, a 12.2% drop from last year. This fall compares to a 10.9% gain in October year-over-year.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. The average mortgage size sank to $230,201 in November, marking a 9.2% drop compared with last year. Average mortgage size gained 5.4% in October 2015 from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 91.7% of new home closings to 91.9% of closings while attached units have gone from 8.3% of closings to 8.1% of closings.
There was a 16.9% decline year-over-year in the average unit size of newly sold homes to 1,988 square feet in November 2015. The average size of newly sold homes moved from 2,232 square feet in October 2014 to 2,959 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 24.8% of existing closings, lower than 30.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.3% in November from 14.3% a year earlier and REO closings moved from 15.8% of existing home closings in November 2014 to 15.5% in November 2015.