In February, closings of new homes increased year-over-year in the Clarksville, TN-KY market, and there were signs that the market may be improving as the percentage boost was better than January 2016. New home closings saw a boost of 47.4% from the year earlier to 56. This was after the housing market saw a 8.1% jump year-over-year in January.
A total of 673 new homes were sold during the 12 months that ended in February, up from 655 for the year that ended in January.
Of 491 total closings, 56 were of new homes. This is a rise from 8.3% of closings a year earlier. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 9.0% surge year-over-year in February to $219,703 per unit. This bump compares to a 1.1% fall in January from a year earlier.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. It rose 6.3% in February from a year earlier to $214,266. In January 2016, average mortgage size slid 1.4% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have fallen. Attached unit closings jumped from no part of all closings in February 2015 to 1.8% of closings in February 2016. Conversely, the share belonging to single-family homes declined to 98.2% of closings from all of closings.
The average unit size of newly sold homes went from 1,889 square feet in February 2015 to 1,871 square feet in February 2016. In January 2016, the average size of newly sold homes dropped 8.8% from the year earlier. In January, the average size of new homes sold went from 2,083 square feet a year earlier to 1,900 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 29.9% of existing closings, lower than 31.9% a year earlier. The percentage of existing home closings involving foreclosures went from 13.6% in February 2015 to 14.0% in February 2016 and REO closings as a percentage of existing home closings declined to 15.9% from 18.3% a year earlier.