In the Cleveland, OH market, new home closings sank year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 82 a year earlier to 9 after the figure moved from 84 in June 2014 to 12 in June 2015.
A total of 319 new homes were sold during the 12 months that ended in July, down from 392 for the year that ended in June.
New home closings were 9 out of the 2,971 total closings, down on a percentage basis from 82 of 3,580 a year earlier. For new and existing homes, closings dropped in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $250,833, down from last year's $281,575. This followed a 14.9% drop in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $230,463 to $213,797. Average mortgage size on new homes went from $231,598 in June 2014 to $166,929 in June 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 2,246 square feet a year earlier to 1,786 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 22.5% of existing closings, lower than 33.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.6% in July from 18.1% a year earlier and REO closings moved from 15.3% of existing home closings in July 2014 to 15.0% in July 2015.