New home closings in the Cleveland, TN market gained year-over-year in April, and the increase was greater than March 2016. New home closings moved from 4 a year earlier to 6 after the figure moved from 5 in March 2015 to 7 in March 2016.

A total of 55 new homes were sold during the 12 months that ended in April, up from 53 for the year that ended in March.

New home closings were 6 out of the 224 total closings, a move on a percentage basis from 4 of 207 a year earlier. For new and existing homes, closings gained year-over-year in April after also increasing in March year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $217,585, an increase from $207,050 a year earlier. This was on the heels of a 17.7% rise in March year-over-year.

Average mortgage size on new homes rose from $187,707 to $193,607. Average mortgage size on new homes went from $147,879 in March 2015 to $169,463 in March 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 fall from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 23.9% of closings, below 35.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.3% in April from 11.8% a year earlier while REO closings as a percentage of existing home closings dropped to 16.5% from 23.6% a year earlier.

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