Closings of new homes in the Cleveland, TN market sank year-over-year in September, sliding after a growth in August 2015. New home closings moved from 3 a year earlier to none after the figure moved from 3 in August 2014 to 5 in August 2015.
Last year, 3 of 169 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 210 total closings. For new and existing homes, closings rose year-over-year in September after also increasing in August year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 24.3% of existing home closings, below 24.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.0% in September from 16.9% a year earlier while REO closings as a percentage of existing home closings climbed to 13.3% from 7.8%.