There was a rise in new home closings in the Clarksville, TN-KY market in September year-over-year, swinging upward off a decline in August 2015. New home closings saw a 7.8% jump from a year earlier to 55. This came after a 27.4% drop year-over-year in August.
A total of 589 new homes were sold during the 12 months that ended in September, up from 585 for the year that ended in August.
Of the total number of closings, new home closings made up 9.5%. As a part of the whole, new home closings were 9.8% a year earlier. Closings of new and existing homes rose year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 5.7% in September to $211,940 per unit. This bump is smaller than the 8.7% rise in August year-over-year.
In September 2015, average mortgage size on newly sold homes moved from $204,802 to $206,080 from September 2014. In August 2015, average mortgage size jumped 8.9% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes rose 23.0% year-over-year to 2,185 square feet in September 2015. The average size of newly sold homes moved from 1,933 square feet in August 2014 to 1,855 square feet in August 2015.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 26.0% of closings, below 32.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.3% in September from 20.1% a year earlier while REO closings as a percentage of existing home closings jumped to 14.7% from 12.4%.