Recent Numbers For Cleveland Show New Home Closings and Prices Increase
Posted on: Dec 06, 2013 07:09:55 AM
The Cleveland, OH market saw a rise in new home closings in August year-over-year, but the market seemed to show signs of evening out as the percentage climbed was less than in July 2013. Closings went from 115 in August 2012 to 116 in August 2013. This came after new home closings gained 45.2% in July from the year earlier.
A total of 1,352 new homes were sold during the 12 months that ended in August, up from 1,351 for the year that ended in July.
Out of all housing closings, new home closings represented 3.3%. A year earlier, new home closings made up 3.7% of total closings. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year 7.3% in August to $266,647 per unit. This boost compares to a 3.5% drop in July from a year earlier.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. It climbed to $256,347 in August, a 12.4% gain. Average mortgage size climbed 5.9% in July 2013 from a year earlier.