New Home Closings in Chattanooga Rise, Prices Decrease According to Freshest Figures
Posted on: May 06, 2013 07:06:32 AM
New home closings climbed year-over-year in February in the Chattanooga, TN market, rebounding from a year-over-year decline in January 2013. New home closings saw a boost of 18.2% from the year earlier to 39. In comparison, new home closings in the same month last year saw a 13.3% drop year-over-year in January.
A total of 517 new homes were sold during the 12 months that ended in February, up from 511 for the year that ended in January.
As a percentage of overall housing closings, new home closings accounted for 6.4%. This marks a rise from 4.8% of total closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes dipped 8.2% year-over-year to $251,382 per unit. This decline is a drop off from the 8.9% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. Average mortgage size fell by 3.0% from a year earlier, settling at $225,711 in February. In January 2013, average mortgage size dropped 15.7% from a year earlier. The overall percentage of sale price that was being financed increased 4.8 percentage points year-over-year to 89.8% in February 2013. This came after a 6.8 percentage point decline in January from a year earlier.