New Home Prices Increase in Akron According to Freshest Figures, Sales Fall
Posted on: Jul 06, 2014 07:00:15 AM
The Akron, OH market saw a drop in new home closings year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 26 a year earlier to 13 after the figure moved from 43 in February 2013 to 14 in February 2014.
A total of 312 new homes were sold during the 12 months that ended in March, down from 325 for the year that ended in February.
New home closings represented 13 out of the 797 total closings, which is a smaller percentage than the 26 of 923 total closings a year earlier. Following a period of little movement in February from a year earlier, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $230,682 last year to $296,498. This was on the heels of a 2.1% fall in February from a year earlier.
Average mortgage size on new homes increased to $256,653 from $240,237 last year. It went from $249,439 to $246,994 from February 2013 to February 2014.