The Cleveland, OH market saw a drop in new home closings year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 73 a year earlier to 12 after the figure moved from 51 in November 2014 to 12 in November 2015.
A total of 371 new homes were sold during the 12 months that ended in December, down from 432 for the year that ended in November.
New home closings were 2.6% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 12 of the 2,805 total closings. Closings of new and existing homes remained steady in December after falling in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $282,653, down from $327,048 a year earlier. This came after a 46.8% rise in November year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $277,434 to $188,934. Average mortgage size on new homes went from $219,101 in November 2014 to $433,145 in November 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 fell from 2,490 square feet a year earlier to 2,297 square feet.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 35.1% of closings, below 40.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 16.2% in December from 22.2% a year earlier and REO closings moved from 18.2% of existing home closings in December 2014 to 18.9% in December 2015.