Recent Numbers Show Prices of New Homes Gain in Chattanooga, Sales Decrease
Posted on: Mar 06, 2014 07:07:36 AM
New home closings in the Chattanooga, TN market dropped year-over-year in December, a drop following an increase in November 2013. There was a 30.2% decline in new home closings from a year earlier. This came after a 25.8% jump year-over-year in November.
A total of 451 new homes were sold during the 12 months that ended in December, down from 467 for the year that ended in November.
Out of all housing closings, new home closings represented 5.5%. This is down from the 7.6% of closings a year earlier. Following a year-over-year decline in November, closings of new and existing homes also fell year-over-year in December.
Pricing and Mortgage Trends
In December, the average price of newly sold homes rose 12.3% year-over-year to $275,700 per unit. This lift is smaller than the 26.3% boost in November year-over-year.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. It gained to $233,531 in December, a 10.6% boost. In November 2013, average mortgage size on newly sold homes saw a 18.8% bump year-over-year from a year earlier.