Recent Numbers For Columbus Show New Home Closings and Prices Rise
Posted on: Apr 06, 2014 07:09:51 AM
In the Columbus, OH market in December, closings of new homes increased year-over-year, but as the percentage gained less than November 2013, the market seemed to show signs of leveling. New home closings saw a 21.2% jump from a year earlier to 309. In comparison, new home closings in the same month last year saw a 39.1% climb year-over-year in November.
A total of 2,807 new homes were sold during the 12 months that ended in December, up from 2,753 for the year that ended in November.
As a percentage of overall housing closings, new home closings represented 12.0%. This is an increase on a percentage basis, as new home closings were 9.1% of total closings a year ago. Following a year-over-year rise in November, closings of new and existing homes declined year-over-year in December.
Pricing and Mortgage Trends
In December, the average price of newly sold homes gained 2.4% year-over-year to $278,291 per unit. This boost is smaller than the 13.1% gain in November year-over-year.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. In December 2013, the average mortgage size was $244,452, up 1.0% from a year earlier. Average mortgage size grew 14.9% in November 2013 from a year earlier.