In the Columbus, OH market in April, closings of new homes slid year-over-year, and there were hints of weakening market conditions with a percentage fall steeper than that of March 2016. New home closings saw a 67.9% fall from a year earlier to 68. This was after the housing market saw a 55.0% decline year-over-year in March.
A total of 2,059 new homes were sold during the 12 months that ended in April, down from 2,203 for the year that ended in March.
Out of all housing closings, new home closings accounted for 2.2%. This is a drop 6.6% of closings a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes stayed level year-over-year at $315,722 per unit. This comes after a 2.5% hike in March year-over-year.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. The average mortgage size fell to $247,014 in April, marking a 6.0% drop compared with last year. Average mortgage size jumped 8.4% in March 2016 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes gained from 77.4% in April 2015 to 80.9% of closings in April 2016. Conversely, the share of new home closings belonging to attached units fell to 19.1% of closings from 22.6% of closings.
There was a move in the average unit size of newly sold homes from 2,493 square feet in April 2015 to 2,513 square feet in April 2016. In March 2016, the average size of newly sold homes rose 4.2% from the year earlier. The average size of newly sold homes moved from 2,523 square feet in March 2015 to 2,628 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 20.0% of existing closings, lower than 21.7% a year earlier. The percentage of existing home closings involving foreclosures went from 9.7% in April 2015 to 10.3% in April 2016 and REO closings as a percentage of existing home closings slid to 9.8% from 12.0% a year earlier.