New Home Closings and Prices in Cincinnati Climb According to Freshest Figures
Posted on: Dec 06, 2013 07:09:44 AM
In August, there was an increase in closings of new homes in the Cincinnati, OH market year-over-year, and the market seemed to be suggesting bolstering with a percentage rise stronger than July 2013. There was a 35.6% hike in new home closings from a year earlier. This was after the housing market saw a 3.2% hike year-over-year in July.
A total of 2,007 new homes were sold during the 12 months that ended in August, up from 1,945 for the year that ended in July.
As a percentage of overall housing closings, new home closings represented 6.4% of overall housing closings. They represented 5.7% of closings a year earlier. Closings of new and existing homes increased year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
In August, the average price of newly sold homes gained 7.3% year-over-year to $275,532 per unit. This lift is smaller than the 12.1% boost in July year-over-year.
Average mortgage size on new homes climbed year-over-year along with new home prices. In August 2013, average mortgage size climbed 6.0% from a year earlier to $228,303. Average mortgage size jumped 16.0% in July 2013 from a year earlier.