New Home Sales and Prices Both Increase in Cincinnati According to Recent Data
Posted on: Apr 06, 2014 07:08:16 AM
There was an increase in closings of new homes in the Cincinnati, OH market in December year-over-year, but there were signs of market leveling as the percentage gain was less than November 2013. There was a 47.3% climb in new home closings from a year earlier. This came after a 55.9% climb year-over-year in November.
A total of 2,327 new homes were sold during the 12 months that ended in December, up from 2,247 for the year that ended in November.
New home closings made up 9.8% of overall housing closings. This is a gain from 7.1% of closings a year earlier. Closings of new and existing homes rose year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 9.2% year-over-year in December to $289,939 per unit. This gain is smaller than the 22.0% rise in November year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. The average mortgage size rose to $249,573 in December, marking a 9.1% rise compared with a year earlier. In November 2013, average mortgage size on newly sold homes saw a 13.6% hike year-over-year from a year earlier.