The Columbus, OH market saw a drop in new home closings year-over-year in October, and with a percentage fall steeper than September 2015, there were suggestions the market may be worsening. New home closings saw a decline of 68.8% from the year earlier to 67. In comparison, new home closings in the same month last year saw a 66.4% drop year-over-year in September.
A total of 1,610 new homes were sold during the 12 months that ended in October, down from 1,758 for the year that ended in September.
Out of all housing closings, new home closings made up 2.2%. This is a decline 5.3% of closings a year earlier. Following a year-over-year increase in September, closings of new and existing homes slid year-over-year in October.
Pricing and Mortgage Trends
In October, the average price of newly sold homes sank 10.1% year-over-year to $287,110 per unit. This decline follows a move from $295,274 per unit to $294,220 from September 2014 to September 2015.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In October 2015, average mortgage size sank 13.1% from a year earlier to $231,567. In September 2015, average mortgage size on newly sold homes saw a 8.6% fall from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings grew from 18.1% of all closings in October 2014 to 22.4% of closings in October 2015. At the same time, the share belonging to single-family homes slid to 77.6% of closings from 81.9% of closings.
For all new homes sold, the average unit size rose 2.1% year-over-year to 2,529 square feet in October 2015. The average size of newly sold homes moved from 2,381 square feet in September 2014 to 2,109 square feet in September 2015.
Foreclosures and real estate owned (REO) closings increased in October from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 22.6% of existing home closings, above 20.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.5% in October from 13.0% a year earlier while REO closings as a percentage of existing home closings gained to 12.1% from 7.8%.