New home closings in the Cleveland, TN market were unchanged year-over-year in July, staying flat after advancing year-over-year in June from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in June 2014 to 7 in June 2015.

A total of 58 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.

1 of the 191 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. After rising year-over-year in June, closings of new and existing homes dropped year-over-year in July.

Pricing and Mortgage Trends

The average new home price was $215,327, down from $236,033 a year earlier. This followed a more than twofold rise in June year-over-year.

Average mortgage size on newly sold homes saw a decline year-over-year from $188,800 to $35,000. Average mortgage size on new homes went from $96,291 in June 2014 to $215,807 in June 2015.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.

Foreclosures and real estate owned (REO) closings continued to increase in July from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, represented 26.3% of existing home closings, up from 22.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.6% in July from 10.4% a year earlier while REO closings as a percentage of existing home closings increased to 13.7% from 12.4%.

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