New Home Prices Rise in Akron According to Newest Figures, Sales Fall
Posted on: May 06, 2013 07:00:34 AM
In January, the Akron, OH market saw a decline year-over-year in new home closings, a drop following an increase in December 2012. Closings fell 5.0% from a year earlier to 19, compared with a 6.9% rise in December from the year earlier.
A total of 382 new homes were sold during the 12 months that ended in January, down from 383 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 4.1% of overall housing closings. A year ago, 3.4% of total closings were new home closings. Following a year-over-year decline in December, closings of new and existing homes also fell year-over-year in January.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 25.2% gain year-over-year in January to $301,728 per unit. This is an upward shift from the 3.2% decline in December from a year earlier.
Average mortgage size on new homes increased year-over-year along with new home prices. In January 2013, there was a 31.2% boost in the average mortgage size, reaching $276,083. Average mortgage size increased 7.0% in December 2012 from a year earlier. For new home closings, the percentage of the sale price that was being financed rose 4.2 percentage points year-over-year to 91.5% in January 2013. This was another rise after December 2012 when there was an 8.0 percentage point rise from a year earlier.