In the Cleveland, OH market in August, new home closings declined year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 69 a year earlier to 9 after the figure moved from 82 in July 2014 to 11 in July 2015.
A total of 272 new homes were sold during the 12 months that ended in August, down from 332 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 2.0% a year earlier. Closings of new and existing homes fell year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $271,400, compared with $298,760 last year. This came after a 14.8% fall in July from a year earlier.
Average mortgage size on new homes fell from $250,676 to $192,129. Average mortgage size on new homes went from $230,463 in July 2014 to $201,305 in July 2015.
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 rose from 2,043 square feet a year earlier to 2,411 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 20.3% of closings, below 34.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.4% in August from 18.7% a year earlier while REO closings as a percentage of existing home closings sank to 13.9% from 15.9% a year earlier.