In the Cleveland, TN market in February, closings of new homes declined year-over-year, declining after staying relatively stable in January from the year earlier. Closings stood at 4 in February after being 9 a year earlier and remaining unchanged at 7 in January from a year earlier.
A total of 51 new homes were sold during the 12 months that ended in February, down from 56 for the year that ended in January.
New home closings were 4 out of the 148 total closings, down on a percentage basis from 9 of 175 a year earlier. After rising year-over-year in January, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $253,635, up from $152,622 a year earlier. This came after a 18.6% lift in January year-over-year.
The average mortgage size on new homes was $263,264, up from $158,975. Average mortgage size on new homes went from $141,160 in January 2015 to $173,007 in January 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to rise in February from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 29.2% of existing home closings, up from 27.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.8% in February from 13.9% a year earlier while REO closings as a percentage of existing home closings climbed to 17.4% from 13.9%.