Freshest Figures Show New Home Prices Increase, Sales Decrease in Chattanooga
Posted on: Apr 06, 2014 07:07:37 AM
In January, there was a drop year-over-year in new home closings in the Chattanooga, TN market, but the percentage drop, which was less than that of December 2013, gave hints that the market may be leveling out. New home closings saw a 25.9% decline from a year earlier to 20. In comparison, new home closings in the same month last year saw a 30.2% drop year-over-year in December.
A total of 444 new homes were sold during the 12 months that ended in January, down from 451 for the year that ended in December.
Out of all housing closings, new home closings accounted for 4.2%. A year ago, new home closings accounted for 3.9%. For new and existing homes, closings declined in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year in January to $286,567 per unit, a rise of 21.9%. This hike is an improvement over the 12.3% gain in December year-over-year.
The average mortgage size on newly sold homes jumped year-over-year along with the average price of new homes. It rose 16.7% in January from a year earlier to $233,903. Average mortgage size gained 10.6% in December 2013 from a year earlier.