In the Cleveland, OH market in April, new home closings declined year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 63 a year earlier to 7 after the figure moved from 79 in March 2015 to 16 in March 2016.
A total of 589 new homes were sold during the 12 months that ended in April, down from 645 for the year that ended in March.
Last year, 63 of 2,922 total closings were new homes, and this percentage saw a decline as new home closings this year made up 7 of the 3,240 total closings. Following a year-over-year increase in March, closings of new and existing homes also gained year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $244,971, compared with $272,439 last year. This followed a 20.1% decline in March from a year earlier.
From the year-ago figure of $218,898, the average mortgage size on new homes moved up to $239,521. Average mortgage size sank 32.7% in March 2016 from a year earlier.
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.
The average unit size of newly sold homes fell from 2,153 square feet a year earlier to 1,665 square feet.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 31.1% of closings, below 39.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 15.4% in April from 21.0% a year earlier while REO closings as a percentage of existing home closings slid to 15.6% from 18.8% a year earlier.