Closings of new homes jumped year-over-year in June in the Clarksville, TN-KY market, moving up after a drop in May 2016. Closings rose 29.3% from a year earlier to 75. This was after the housing market saw a 12.5% drop year-over-year in May.
A total of 725 new homes were sold during the 12 months that ended in June, up from 708 for the year that ended in May.
As a percentage of overall housing closings, new home closings represented 11.3%. This is a lift from 8.5% of closings a year earlier. Following a year-over-year increase in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year 4.5% in June to $229,148 per unit. This hike is smaller than the 7.7% boost in May year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In June 2016, the average mortgage size was $225,108, a 4.5% surge from a year earlier. In May 2016, average mortgage size increased 7.3% 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 June 2016. 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 went from 2,067 square feet in June 2015 to 2,085 square feet in June 2016. The average size of newly sold homes moved from 1,906 square feet in May 2015 to 2,198 square feet in May 2016. In May 2016, the average size of newly sold homes gained 15.3% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 23.2% of closings, below 27.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.9% in June from 12.9% a year earlier while REO closings as a percentage of existing home closings sank to 11.4% from 14.3% a year earlier.