Closings of new homes fell year-over-year in November in the Columbus, OH market, and the market seemed to be weakening with a percentage fall steeper than in October 2015. New home closings saw a fall of 76.7% from the year earlier to 53. This followed a 68.7% drop year-over-year in October.
A total of 1,449 new homes were sold during the 12 months that ended in November, down from 1,623 for the year that ended in October.
As a percentage of overall housing closings, new home closings accounted for 2.2%. This is down from the 9.0% of closings a year earlier. Closings of new and existing homes dropped year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
In November, the average per-unit price of new homes fell by 5.0% year-over-year to $288,651. This fall is a drop off from the 10.1% decline in October from a year earlier.
The average mortgage size on newly sold homes dropped year-over-year in contrast to the average price of new homes. It sank to $233,285 in November, a 6.7% fall. Average mortgage size dropped 13.1% in October 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings grew from 85.0% of new closings in November 2014 to 92.5% of closings in November 2015. At the same time, the share of new home closings belonging to attached units slid to 7.5% of closings from 15.0% of closings.
For all new homes sold, the average unit size sank 32.1% year-over-year to 1,794 square feet in November 2015. In October, the average size of new homes sold went from 2,328 square feet a year earlier to 2,529 square feet.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 25.4% of existing home closings, down from 27.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.2% in November from 16.4% a year earlier while REO closings as a percentage of existing home closings climbed to 14.2% from 11.1%.