In the Cleveland, TN market in November, closings of new homes dropped year-over-year, and the decline was similar to October 2015. New home closings moved from 7 a year earlier to 3 after the figure moved from 7 in October 2014 to 3 in October 2015.
A total of 56 new homes were sold during the 12 months that ended in November, down from 60 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 1.9% from 5.2% a year earlier. After dropping in October from a year earlier, closings of new and existing homes gained year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes rose to $233,983 from last year's $213,248. This was on the heels of a 44.3% rise in October year-over-year.
Average mortgage size on new homes fell from $206,795 to $196,750. Average mortgage size on new homes went from $149,042 in October 2014 to $181,188 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 20.5% of existing home closings, below 31.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.6% in November from 15.6% a year earlier while REO closings as a percentage of existing home closings sank to 9.9% from 15.6% a year earlier.