New Home Sales and Prices Drop in Columbus According to Latest Data
Posted on: Aug 08, 2014 11:16:16 AM
New home closings in the Columbus, OH market sank year-over-year in April, but with a percentage drop less steep than March 2014, there are signs the market may be evening out. Closings slid 59.7% from a year earlier to 50. This was after the housing market saw a 68.5% fall year-over-year in March.
A total of 1,005 new homes were sold during the 12 months that ended in April, down from 1,079 for the year that ended in March.
Out of all housing closings, new home closings made up 1.6%. This is a fall 3.5% of closings a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes declined 28.7% year-over-year to $182,690 per unit. This fall is larger than the 3.4% decline in March from a year earlier.
Average mortgage size on new homes saw a drop year-over-year in contrast to prices of new homes. It sank 10.8% in April from a year earlier to $197,039. Average mortgage size fell 3.4% in March 2014 from a year earlier.