There was a rise in closings of new homes in the Clarksville, TN-KY market in November year-over-year, snapping back from a fall in October 2015. New home closings saw a rise of 4.2% from the year earlier to 50. This came on the heels of a 18.6% decline year-over-year in October.
A total of 642 new homes were sold during the 12 months that ended in November, up from 640 for the year that ended in October.
New home closings represented 11.4% of overall housing closings. New home closings were 10.6% of overall closings last year. Following a year-over-year rise in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
In November, the average per-unit price of new homes dropped by 3.4% year-over-year to $216,838. This drop follows a move from $226,746 per unit to $228,712 from October 2014 to October 2015.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. In November 2015, average mortgage size fell 4.9% from a year earlier to $207,469. In October 2015, average mortgage size increased 3.8% from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. The share of new home closings belonging to attached units grew from 2.1% of closings in November 2014 to 20.0% of closings in November 2015. Conversely, the share belonging to single-family homes dropped to 80.0% of closings from 97.9% of closings.
There was a 18.9% decline year-over-year in the average unit size of newly sold homes to 1,694 square feet in November 2015. The average size of newly sold homes moved from 1,958 square feet in October 2014 to 2,044 square feet in October 2015.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 30.5% of existing home closings, below 32.3% a year earlier. The percentage of existing home closings involving foreclosures went from 17.8% in November 2014 to 18.1% in November 2015 and REO closings as a percentage of existing home closings dropped to 12.4% from 14.6% a year earlier.
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