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Cincinnati, OH - Newest Figures for New Home Sales Rise Year-Over-Year in January After Decline Year-Over-Year in December

Posted on: May 06, 2012 09:20:08 AM

New home sales in the Cincinnati, OH market rose year-over-year in January, rebounding from a year-over-year decline in December 2011. Sales increased 9.7% from a year earlier to 136, compared with a 21.3% decline in December from the year earlier.

A total of 2,111 new homes were sold during the 12 months that ended in January, up from 2,099 for the year that ended in December.

New home sales represented 7.2% of overall housing sales. This is up from the 6.1% of sales a year earlier. Following a year-over-year decline in December, sales of new and existing homes also slipped year-over-year in January.

Pricing and Mortgage Trends

The average price of new homes increased year-over-year in January to $245,458 per unit, a rise of 7.1%. This rise is smaller than the 13.2% gain in December year-over-year.

The average mortgage size on new homes moved north year-over-year along with new home prices. It rose to $203,059 in January, a 6.4% rise. In December 2011, average mortgage size on newly sold homes saw a 15.4% surge year-over-year from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 83.2% of average price to 82.7% from a year earlier. This came after a 1.5 percentage point rise in December from the year earlier.

Other Market Trends

The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. Single-family home sales climbed from 91.9% of new sales in January 2011 to 97.8% of sales in January 2012. At the same time, the share of new home sales belonging to attached units declined to 2.2% of sales from 8.1% of sales.

For all new homes sold, the average unit size gained 34.1% year-over-year to 2,093 square feet in January 2012. In December, the average size of new homes sold went from 1,970 square feet a year earlier to 1,683 square feet.

Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 49.7% of existing home sales. In January 2011, they made up 55.5%. The percentage of existing home sales involving foreclosures declined to 24.7% in January from 28.9% a year earlier while REO sales as a percentage of existing home sales dipped to 24.9% from 26.6% a year earlier.

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