Latest Figures Show New Home Sales and Prices Gain in Chattanooga
Posted on: Dec 06, 2013 07:09:03 AM
New home closings in the Chattanooga, TN market jumped year-over-year in September, swinging up after a fall in August 2013. New home closings saw a jump of 2.5% from the year earlier to 41. This came on the heels of a 47.2% drop year-over-year in August.
A total of 459 new homes were sold during the 12 months that ended in September, up from 458 for the year that ended in August.
As a percentage of overall housing closings, new home closings represented 5.2% of overall housing closings. A year ago, new home closings made up 5.8%. Following a fall in August year-over-year, closings of new and existing homes gained year-over-year in September.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 14.7% year-over-year in September to $271,594 per unit. This boost compares to a 1.8% decline in August from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It increased to $243,326 in September, a 15.4% bump. Average mortgage size slid 1.9% in August 2013 from a year earlier.