Closings of new homes in the Cleveland, TN market fell year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 7 a year earlier to 6 after the figure moved from 5 in December 2014 to 3 in December 2015.
A total of 53 new homes were sold during the 12 months that ended in January, down from 54 for the year that ended in December.
New home closings were 6 out of the 146 total closings, down on a percentage basis from 7 of 125 a year earlier. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $197,792 from $167,857 a year ago. This was on the heels of a 44.5% lift in December year-over-year.
Average mortgage size on new homes went from $141,160 a year earlier to $163,371. Average mortgage size on new homes went from $126,900 in December 2014 to $237,310 in December 2015.
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 increase in January from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, made up 34.3% of existing home closings, up from 27.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.3% in January from 12.7% a year earlier and REO closings moved from 14.4% of existing home closings in January 2015 to 15.0% in January 2016.