New Home Closings and Prices in Cincinnati Rise According to Recent Figures
Posted on: Mar 06, 2014 07:08:12 AM
There was a rise in new home closings in the Cincinnati, OH market in November year-over-year, and there were signals that the market may be gaining momentum as the percentage bump proved better than October 2013. Closings rose 55.0% from a year earlier to 234. This came on the heels of a 34.9% jump year-over-year in October.
A total of 2,229 new homes were sold during the 12 months that ended in November, up from 2,146 for the year that ended in October.
As a percentage of overall housing closings, new home closings made up 9.4%. This is an increase on a percentage basis, as new home closings were 6.9% of total closings a year ago. Closings of new and existing homes grew year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 21.8% in November to $293,567 per unit. This boost is better than the 11.1% rise in October year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In November 2013, the average mortgage size was $252,690, a 13.9% gain from a year earlier. In October 2013, average mortgage size jumped 8.5% from a year earlier.