In November, the Cleveland, OH market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in October. New home closings moved from 38 a year earlier to 8 after the figure moved from 62 in October 2014 to 7 in October 2015.
A total of 237 new homes were sold during the 12 months that ended in November, down from 267 for the year that ended in October.
New home closings were 8 out of the 2,468 total closings, down on a percentage basis from 38 of 2,586 a year earlier. Following a year-over-year increase in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes was $423,861, an increase from $266,428 a year earlier. This was on the heels of a 17.0% drop in October from a year earlier.
The average mortgage size on new homes was $433,145, up from $219,101. Average mortgage size on new homes went from $252,571 in October 2014 to $224,720 in October 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 2,393 square feet a year earlier to 2,798 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 36.6% of existing home closings, down from 40.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 18.0% in November from 23.6% a year earlier while REO closings as a percentage of existing home closings gained to 18.6% from 16.9%.