In the Cleveland, OH market in April, new home closings dropped year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 63 a year earlier to 7 after the figure moved from 79 in March 2015 to 16 in March 2016.
A total of 589 new homes were sold during the 12 months that ended in April, down from 645 for the year that ended in March.
New home closings represented 7 out of the 3,240 total closings, which is a smaller percentage than the 63 of 2,922 total closings a year earlier. Closings of new and existing homes increased year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $244,971, down from $272,439 a year earlier. This followed a 20.1% fall in March from a year earlier.
Average mortgage size on new homes rose from $218,898 to $239,521. In March 2016, average mortgage size fell 32.7% from a year earlier.
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 2,153 square feet a year earlier to 1,665 square feet.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 31.1% of existing closings, lower than 39.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 15.4% in April from 21.0% a year earlier while REO closings as a percentage of existing home closings dropped to 15.6% from 18.8% a year earlier.