Recent Numbers For Akron Show New Home Closings and Prices Increase
Posted on: Dec 06, 2013 07:00:22 AM
In the Akron, OH market, new home closings rose year-over-year in August, bouncing back from a fall in July 2013. Closings climbed 52.0% from a year earlier to 38. This came on the heels of a 24.4% fall year-over-year in July.
A total of 370 new homes were sold during the 12 months that ended in August, up from 357 for the year that ended in July.
New home closings represented 3.4% of overall housing closings. A year ago, new home closings accounted for 2.5%. Following a year-over-year increase in July, closings of new and existing homes also gained year-over-year in August.
Pricing and Mortgage Trends
In August, there was a 11.3% lift year-over-year in the average price of newly sold homes, reaching $296,190 per unit. This lift is an improvement over the 1.9% surge in July year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In August 2013, average mortgage size climbed 28.6% from a year earlier to $269,939. In July 2013, average mortgage size rose 4.8% from a year earlier.