In June, there was a fall year-over-year in new home closings in the Cleveland, OH market, and the decline was by a larger percentage than the May 2015. New home closings moved from 84 a year earlier to 12 after the figure moved from 62 in May 2014 to 11 in May 2015.
A total of 391 new homes were sold during the 12 months that ended in June, down from 463 for the year that ended in May.
New home closings were 2.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 12 of the 3,226 total closings. Following a year-over-year decline in May, closings of new and existing homes also fell year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $256,398, down from $301,323 a year earlier. This was on the heels of a 18.0% gain in May year-over-year.
Average mortgage size on new homes fell from $231,598 to $166,929. Average mortgage size on new homes went from $208,311 in May 2014 to $227,736 in May 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 2,146 square feet a year earlier to 2,353 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 22.5% of existing closings, lower than 34.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.2% in June from 19.2% a year earlier and REO closings moved from 15.0% of existing home closings in June 2014 to 15.3% in June 2015.