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.
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.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes grew from 92.2% in January 2012 to 98.4% of closings in January 2013. Conversely, the share of new home closings belonging to attached units sank to 1.6% of closings from 7.8% of closings.
There was a 71.9% lift year-over-year in the average unit size of newly sold homes to 2,819 square feet in January 2013. In December, the average size of new homes sold went from 2,963 square feet a year earlier to 1,758 square feet.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 48.2% of closings, below 61.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 23.7% in January from 34.0% a year earlier while REO closings as a percentage of existing home closings fell to 24.5% from 27.0% a year earlier.
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Source: Housing Intelligence