Prices of New Homes Rise in Cleveland, Sales Drop According to Recent Data
Posted on: Apr 06, 2014 07:08:35 AM
In December, the Cleveland, OH market saw a drop year-over-year in new home closings, but the fall in percentage terms was not as steep as November 2013, signaling that the market may be leveling out. New home closings saw a fall of 2.0% from the year earlier to 97. This came on the heels of a 5.7% drop year-over-year in November.
A total of 1,349 new homes were sold during the 12 months that ended in December, down from 1,351 for the year that ended in November.
Of the total number of closings, new home closings made up 4.1%. New home closings were 3.9% of overall closings last year. Closings of new and existing homes saw a decline year-over-year in December after remaining steady in November year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes gained year-over-year 3.0% in December to $265,062 per unit. This hike is smaller than the 16.4% lift in November year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It dropped 4.5% in December from a year earlier to $217,627. Average mortgage size climbed 10.7% in November 2013 from a year earlier.