Latest Figures Show New Home Prices Rise, Sales Drop in Cincinnati
Posted on: Aug 08, 2014 11:14:32 AM
Closings of new homes fell year-over-year in April in the Cincinnati, OH market, but the percentage decline was an improvement from March 2014, suggesting the market may be leveling out. Closings sank 68.5% from a year earlier to 40. This came on the heels of a 69.6% decline year-over-year in March.
A total of 864 new homes were sold during the 12 months that ended in April, down from 951 for the year that ended in March.
New home closings represented 1.3% of overall housing closings. This is down from the 4.1% of closings a year earlier. Closings of new and existing homes fell year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 3.8% year-over-year in April to $249,619 per unit. This lift is smaller than the 7.8% rise in March year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In April 2014, the average mortgage size was $228,313, a 3.5% boost from a year earlier. In March 2014, average mortgage size on newly sold homes saw a 7.7% drop from a year earlier.