New home closings in the Cleveland, TN market rose 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.
6 of the 224 total closings were new home closings, a shift on a percentage basis from 4 out of 207 a year earlier. Following a year-over-year increase in March, closings of new and existing homes also grew year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $207,050 last year to $217,585. This came after a 17.7% rise in March year-over-year.
From the year-ago figure of $187,707, the average mortgage size on new homes moved up 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. Together, foreclosures plus REO closings accounted for 23.9% of existing home closings, down from 35.5% a year earlier. The percentage of existing home closings involving foreclosures slid 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.