In September, closings of new homes gained year-over-year in the Clarksville, TN-KY market, swinging up after a drop in August 2015. Closings increased 7.8% from a year earlier to 55. This came on the heels of a 27.4% fall 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.
Out of all housing closings, new home closings accounted for 9.5%. They represented 9.8% of closings a year earlier. For new and existing homes, closings climbed year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 5.7% gain year-over-year to $211,940 per unit in September. This rise is smaller than the 8.7% bump in August year-over-year.
Average mortgage size on new homes went from $204,802 in September 2014 to $206,080 in September 2015. In August 2015, average mortgage size on newly sold homes saw a 8.9% lift year-over-year 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.
For all new homes sold, the average unit size 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 remained a drag on the market. Together, foreclosures plus REO closings made up 26.0% of existing home closings, down from 32.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.3% in September from 20.1% a year earlier while REO closings as a percentage of existing home closings gained to 14.7% from 12.4%.