New Home Sales Increase in Columbus, Prices Decline According to Freshest Data
Posted on: May 06, 2013 07:08:26 AM
Closings of new homes in the Columbus, OH market grew year-over-year in January, and the market seemed to be suggesting bolstering with a percentage gain stronger than December 2012. New home closings saw a rise of 33.6% from the year earlier to 167. This followed a 14.0% boost year-over-year in December.
A total of 2,394 new homes were sold during the 12 months that ended in January, up from 2,352 for the year that ended in December.
New home closings accounted for 7.9% of overall housing closings. New home closings were 7.2% of overall closings last year. Closings of new and existing homes climbed year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
In January, the average price of newly sold homes fell 3.4% year-over-year to $233,833 per unit. This decline is a drop off from the 5.8% decline in December from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. It slipped 4.1% in January from a year earlier, reaching $214,932. Average mortgage size rose 10.6% in December 2012 from a year earlier. The overall percentage of sale price that was being financed went from 92.6% of average price to 91.9% from a year earlier. In December 2012, there was a 13.2 percentage point bump from the year earlier.