New Home Sales and Prices Decrease in Cleveland According to Recent Data
Posted on: Aug 08, 2014 11:14:52 AM
In the Cleveland, OH market in April, closings of new homes sank year-over-year, and the decline was by a larger percentage than the March 2014. New home closings moved from 71 a year earlier to 6 after the figure moved from 71 in March 2013 to 11 in March 2014.
A total of 408 new homes were sold during the 12 months that ended in April, down from 473 for the year that ended in March.
New home closings represented 6 out of the 2,666 total closings, which is a smaller percentage than the 71 of 3,244 total closings a year earlier. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $218,144, compared with $283,615 last year. This came after a 2.8% drop in March from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $226,827 to $184,181. Average mortgage size on new homes went from $231,824 in March 2013 to $166,520 in March 2014.