Closings of new homes in the Cleveland, TN market saw no change year-over-year in March, staying level after a year-over-year decline in February from the year earlier. Closings remained level at 5 from a year earlier after the figure moved from 9 in February 2015 to 4 in February 2016.

A total of 51 new homes were sold during the 12 months that ended in March, equal to the number of new homes sold for the year that ended in February.

New home closings were 5 out of the 211 total closings, a move on a percentage basis from 5 of 192 a year earlier. Closings of new and existing homes jumped year-over-year in March following a drop in February year-over-year.

Pricing and Mortgage Trends

The average price of new homes rose to $188,669 from last year's $166,582. This came after a 66.2% gain in February year-over-year.

From the year-ago figure of $147,879, the average mortgage size on new homes moved up to $163,201. Average mortgage size on new homes went from $158,975 in February 2015 to $263,264 in February 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 March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 23.3% of closings, below 25.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.2% in March from 12.8% a year earlier and REO closings moved from 12.3% of existing home closings in March 2015 to 12.1% in March 2016.

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