New Home Closings and Prices in Akron Gain According to Latest Figures
Posted on: Mar 06, 2014 07:00:20 AM
In the Akron, OH market in November, new home closings jumped year-over-year, recovering from a drop in October 2013. New home closings saw a hike of 5.3% from the year earlier to 20. This came after a 16.7% drop year-over-year in October.
A total of 357 new homes were sold during the 12 months that ended in November, up from 356 for the year that ended in October.
New home closings accounted for 2.6% of overall housing closings. As a part of the whole, new home closings were 2.3% a year earlier. Following a year-over-year rise in October, closings of new and existing homes sank year-over-year in November.
Pricing and Mortgage Trends
In November, the average price of newly sold homes grew year-over-year to $331,336 per unit, a 34.7% lift. This gain is better than the 20.7% hike in October year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size saw a 33.7% boost year-over-year to $288,922 in November. Average mortgage size rose 8.0% in October 2013 from a year earlier.