Cincinnati, Middletown, OH, KY, IN Get this data
in your Inbox

You have successfully subscribed to the local housing data e-newsletter for .

If you wish to receive monthly updates for other market areas please subscribe to new markets using our expanded form.

New Home Closings and Prices in Cincinnati Rise According to Freshest Figures

Posted on: May 06, 2013 07:07:05 AM

Closings of new homes in the Cincinnati, OH market rose year-over-year in January, swinging upward off a decline in December 2012. New home closings rose by 2.2% in January 2013 from a year earlier, after closings saw a 2.8% decline in December from the year earlier.

A total of 1,875 new homes were sold during the 12 months that ended in January, up from 1,872 for the year that ended in December.

Of the total number of closings, new home closings made up 6.8%. As a part of the whole, new home closings were 7.4% a year earlier. For new and existing homes, closings increased year-over-year in January after also increasing in December year-over-year.

Pricing and Mortgage Trends

In January, the average price of newly sold homes increased 4.0% year-over-year to $251,633 per unit. This rise follows a move from $260,665 per unit to $262,380 from December 2011 to December 2012.

Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In January 2013, the average mortgage size was $212,952, a 3.7% rise from a year earlier. In December 2012, average mortgage size on newly sold homes saw a 7.2% rise year-over-year from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 84.9% of average price to 84.6% from a year earlier. In December 2012, the figure saw a 5.3 percentage point rise from the year earlier.

Other Market Trends

Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have slumped. Attached unit closings gained from 2.2% of all closings in January 2012 to 4.2% of closings in January 2013. Conversely, the share belonging to single-family homes slid to 95.8% of closings from 97.8% of closings.

There was an 11.7% decline year-over-year in the average unit size of newly sold homes to 1,921 square feet in January 2013. The average size of newly sold homes moved from 2,280 square feet in December 2011 to 2,600 square feet in December 2012.

Foreclosures and real estate owned (REO) closings stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 42.3% of closings. They made up 50.4% in January 2012. The percentage of existing home closings involving foreclosures fell to 21.9% in January from 28.6% a year earlier while REO closings as a percentage of existing home closings declined to 20.4% from 21.8% a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Cincinnati, OH area.