Latest Figures Show New Home Sales Increase in Cleveland, Prices Drop
Posted on: Nov 12, 2013 07:09:23 AM
In July, closings of new homes jumped year-over-year in the Cleveland, OH market, rebounding from a year-over-year drop in June 2013. New home closings saw a rise of 43.3% from the year earlier to 149. This followed a 14.6% fall year-over-year in June.
A total of 1,347 new homes were sold during the 12 months that ended in July, up from 1,302 for the year that ended in June.
New home closings made up 4.2% of overall housing closings. New home closings were 3.6% of overall closings last year. Closings of new and existing homes rose year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
In July, there was a 3.9% drop year-over-year in the average per-unit price of newly sold homes, settling at $276,800. This decline compares to a 7.6% boost in June year-over-year.
Average mortgage size on new homes rose year-over-year in contrast to new home prices. In July 2013, the average mortgage size was $241,500, up 5.4% from a year earlier. Average mortgage size increased 8.4% in June 2013 from a year earlier.