New Home Closings and Prices in Chattanooga Decrease According to Freshest Figures
Posted on: Aug 08, 2014 11:13:51 AM
In May, the Chattanooga, TN market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the April 2014. New home closings moved from 39 a year earlier to 10 after the figure moved from 28 in April 2013 to 16 in April 2014.
A total of 228 new homes were sold during the 12 months that ended in May, down from 257 for the year that ended in April.
New home closings were 10 out of the 843 total closings, down on a percentage basis from 39 of 890 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also dropped year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2014 was $214,810, down from last year's $273,022. This followed a 19.3% fall in April from a year earlier.
Average mortgage size on new homes fell from $242,808 to $232,633. In April 2014, average mortgage size fell 25.9% from a year earlier.