Newest Figures Show New Home Sales and Prices Rise in Cincinnati
Posted on: Jul 06, 2014 07:07:10 AM
Closings of new homes in the Cincinnati, OH market climbed year-over-year in March, recovering from a decline in February 2014. Closings increased 6.9% from a year earlier to 170. In comparison, new home closings in the same month last year saw a 15.4% drop year-over-year in February.
A total of 2,320 new homes were sold during the 12 months that ended in March, up from 2,309 for the year that ended in February.
Of 2,500 total closings, 170 were of new homes. This is better than the 5.4% of closings a year earlier. After rising year-over-year in February, closings of new and existing homes sank year-over-year in March.
Pricing and Mortgage Trends
In March, the average value of new homes saw a 15.9% surge year-over-year as it grew to $287,844 per unit. This rise is an improvement over the 2.1% surge in February year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. The average mortgage size saw a 2.7% rise year-over-year to $225,794 in March. Average mortgage size declined 2.5% in February 2014 from a year earlier.