Newest Figures Show New Home Prices Rise, Sales Drop in Cleveland
Posted on: Jul 06, 2014 07:07:26 AM
In the Cleveland, OH market in March, new home closings fell year-over-year, but the market seemed to be suggesting improvement with a percentage drop less steep than in February 2014. Closings sank 9.3% from a year earlier to 97. In comparison, new home closings in the same month last year saw a 52.0% fall year-over-year in February.
A total of 1,334 new homes were sold during the 12 months that ended in March, down from 1,344 for the year that ended in February.
As a percentage of overall housing closings, new home closings accounted for 4.0% of closings, relatively stable from a year earlier. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year in March to $288,391 per unit, a rise of 8.7%. This hike is smaller than the 27.8% bump in February year-over-year.
Average mortgage size on new homes went from $239,595 in March 2013 to $241,531 in March 2014. In February 2014, average mortgage size on newly sold homes saw a 8.6% gain year-over-year from a year earlier.