Prices of New Homes Rise in Chattanooga, Sales Drop According to Freshest Data
Posted on: Jul 06, 2014 07:06:39 AM
In April, the Chattanooga, TN market saw a decline year-over-year in new home closings, a move downward following a lift in March 2014. New home closings saw a 3.0% decline from a year earlier to 32. This came on the heels of a 8.6% hike year-over-year in March.
A total of 437 new homes were sold during the 12 months that ended in April, down from 438 for the year that ended in March.
Of the total number of closings, new home closings made up 4.1%. A year earlier, new home closings accounted for 3.6% of total closings. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, there was a 12.3% lift year-over-year in the average price of newly sold homes, reaching $278,329 per unit. This surge compares to a 1.9% drop in March from a year earlier.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. In April 2014, the average mortgage size was $226,758, up 13.2% from a year earlier. In March 2014, average mortgage size gained 7.7% from a year earlier.