New Home Closings and Prices in Youngstown Gain According to Latest Figures
Posted on: Apr 06, 2013 07:37:01 AM
In the Youngstown, OH market in December, closings of new homes increased year-over-year, moving up after staying consistent in November from the year earlier. Closings stood at four in December after being three a year earlier and the figure was unchanged at four in November from a year earlier.
A total of 50 new homes were sold during the 12 months that ended in December, up from 49 for the year that ended in November.
Following a year-over-year increase in November, closings of new and existing homes also climbed year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $284,797 in December 2012, up from $107,000 a year ago. This was on the heels of a 3.8% decline in November from a year earlier.
From the year-ago figure of $78,875, the average mortgage size on new homes moved up to $277,600. Average mortgage size on new homes went from $30,000 in November 2011 to $130,000 in November 2012.
New Home Closings and Prices in Youngstown Gain According to Latest Figures
Posted on: Apr 06, 2013 07:37:01 AM
In the Youngstown, OH market in December, closings of new homes increased year-over-year, moving up after staying consistent in November from the year earlier. Closings stood at four in December after being three a year earlier and the figure was unchanged at four in November from a year earlier.
A total of 50 new homes were sold during the 12 months that ended in December, up from 49 for the year that ended in November.
Following a year-over-year increase in November, closings of new and existing homes also climbed year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $284,797 in December 2012, up from $107,000 a year ago. This was on the heels of a 3.8% decline in November from a year earlier.
From the year-ago figure of $78,875, the average mortgage size on new homes moved up to $277,600. Average mortgage size on new homes went from $30,000 in November 2011 to $130,000 in November 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in December 2012. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Combined, foreclosures plus REO closings made up 52.6% of existing home closings. In December 2011, they accounted for 43.8%. The percentage of existing home closings involving foreclosures rose to 34.0% in December from 23.0% a year earlier while REO closings as a percentage of existing home closings fell to 18.7% from 20.9% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Youngstown, OH area.
Source: Housing Intelligence