New Home Closings and Prices in Akron Decline According to Freshest Figures
Posted on: Apr 06, 2014 07:00:23 AM
Closings of new homes slid year-over-year in December in the Akron, OH market, a downhill move after a surge in November 2013. There was a 54.5% fall in new home closings from a year earlier. This was after the housing market saw a 10.5% hike year-over-year in November.
A total of 341 new homes were sold during the 12 months that ended in December, down from 359 for the year that ended in November.
New home closings accounted for 1.9% of overall housing closings. This is a drop 4.3% of closings a year earlier. Closings of new and existing homes climbed year-over-year in December following a decline in November year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in December was $235,295 per unit, down 10.0% from a year earlier. This drop compares to a 35.3% bump in November year-over-year.
There was a surge year-over-year in the average mortgage size on new homes in contrast to new home prices. In December 2013, the average mortgage size was $223,850, a 3.4% surge from a year earlier. In November 2013, average mortgage size climbed 27.5% from a year earlier.