Recent Numbers For Cincinnati Show New Home Closings and Prices Climb
Posted on: Nov 12, 2013 07:09:03 AM
New home closings in the Cincinnati, OH market climbed year-over-year in July, an upward turn from a fall in June 2013. New home closings saw a 1.9% climb from a year earlier to 160. In comparison, new home closings in the same month last year saw a 19.5% fall year-over-year in June.
A total of 1,910 new homes were sold during the 12 months that ended in July, up from 1,907 for the year that ended in June.
Out of all housing closings, new home closings accounted for 4.6%. This is down from the 5.8% of closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 9.7% in July to $261,322 per unit. This rise is smaller than the 27.5% gain in June year-over-year.
The average mortgage size on newly sold homes saw a lift year-over-year along with new home prices. In July 2013, there was a 15.8% gain in the average mortgage size, reaching $236,906. In June 2013, average mortgage size grew 29.9% from a year earlier.