In October, the Cincinnati, OH market saw a fall year-over-year in new home closings, and the percentage fall was steeper than September 2015, giving suggestion the market may be worsening. There was a 85.1% fall in new home closings from a year earlier. This came after a 75.9% drop year-over-year in September.
A total of 901 new homes were sold during the 12 months that ended in October, down from 1,050 for the year that ended in September.
Out of all housing closings, new home closings represented 0.9%. This is down from the a year earlier when new home closings accounted for 5.2% of total closings. After remaining steady in September from a year earlier, closings of new and existing homes declined year-over-year in October.
Pricing and Mortgage Trends
In October, the average price of newly sold homes rose year-over-year to $308,141 per unit, a 2.9% rise. This lift compares to a 3.0% drop in September from a year earlier.
In October 2015, average mortgage size on new homes went from $255,130 in October 2014 to $253,460 in October 2015. In September 2015, average mortgage size jumped 8.7% from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes grew from 90.9% in October 2014 to 92.3% of closings in October 2015. Meanwhile, attached units as a percentage of all new home closings sank to 7.7% of closings from 9.1% of closings.
There was a 43.7% surge year-over-year in the average unit size of newly sold homes to 3,162 square feet in October 2015. The rise was sharper than the gain in average price of newly sold homes, making the movement simliar to September 2015 when the average size gained 8.9% to 1,847 square feet from a year earlier. In September, the average size of new homes sold went from 2,027 square feet a year earlier to 1,847 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in October, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 24.0% of existing closings, lower than 29.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.0% in October from 14.6% a year earlier and REO closings moved from 15.1% of existing home closings in October 2014 to 16.0% in October 2015.