There was an increase in closings of new homes in the Cleveland, TN market in June year-over-year, but the increase was less than May 2016. New home closings moved from 7 a year earlier to 10 after the figure moved from 4 in May 2015 to 6 in May 2016.
A total of 60 new homes were sold during the 12 months that ended in June, up from 57 for the year that ended in May.
New home closings were 10 of the 207 total closings, up on a percentage basis from 7 of 262 a year earlier. After rising year-over-year in May, closings of new and existing homes fell year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $226,670, up from $210,683 a year earlier. This came after a 1.9% decline in May from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $215,807 to $204,019. Average mortgage size on new homes went from $188,494 in May 2015 to $145,899 in May 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 drop from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 14.2% of existing home closings, below 20.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.1% in June from 8.2% a year earlier while REO closings as a percentage of existing home closings slid to 7.1% from 12.5% a year earlier.