In the Clarksville, TN-KY market, new home closings rose year-over-year in April, but the percentage lift was less than March 2016, suggesting the market may be leveling. New home closings saw a boost of 24.5% from the year earlier to 66. In comparison, new home closings in the same month last year saw a 53.3% hike year-over-year in March.
A total of 711 new homes were sold during the 12 months that ended in April, up from 698 for the year that ended in March.
Out of all housing closings, new home closings made up 10.3%. This is a lift from 8.8% of closings 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
Average value of new homes sold in April was $210,153 per unit, down 3.1% from a year earlier. This decline compares to a 8.9% gain in March year-over-year.
Average mortgage size on new homes sank year-over-year in contrast to new home prices. It declined to $208,709 in April, a 1.7% decline. In March 2016, average mortgage size on newly sold homes saw a 2.7% rise year-over-year from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
There was a 20.0% fall year-over-year in the average unit size of newly sold homes to 1,568 square feet in April 2016. The average size of newly sold homes moved from 2,003 square feet in March 2015 to 2,182 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 21.3% of existing home closings, below 33.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.5% in April from 18.7% a year earlier while REO closings as a percentage of existing home closings sank to 11.8% from 14.3% a year earlier.