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.