Latest Numbers For Cleveland Show New Home Closings and Prices Rise
Posted on: May 06, 2013 07:07:21 AM
There was a rise in new home closings in the Cleveland, OH market in January year-over-year, bouncing back from a decline in December 2012. Closings climbed 19.6% from a year earlier to 61, compared with a 6.0% decline in December from the year earlier.
A total of 1,149 new homes were sold during the 12 months that ended in January, up from 1,139 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 3.3% of overall housing closings. A year earlier, new home closings represented 2.6% of total closings. Following a year-over-year increase in December, closings of new and existing homes slipped year-over-year in January.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 3.9% year-over-year in January to $253,511 per unit. This rise is smaller than the 11.0% gain in December year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. Average mortgage size rose 6.9% to $234,420 in January from a year earlier. In December 2012, average mortgage size climbed 13.2% from a year earlier. The overall percentage of sale price that was being financed increased 2.6 percentage points year-over-year to 92.5% in January 2013.