Recent Figures Indicate Prices of New Homes Increase, Sales Stay Level in Cleveland
Posted on: Aug 08, 2014 11:15:02 AM
New home closings in the Cleveland, TN market remained steady year-over-year in May, staying flat after dropping year-over-year in April from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 4 in April 2013 to 1 in April 2014.
1 of the 178 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. For new and existing homes, closings declined in May after also declining in April year-over-year.
The average new home price was $206,900, up from $119,900 a year earlier. This followed a 31.5% fall in April from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings fell in May from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 28.8% of existing home closings, below 36.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 14.1% in May from 20.6% a year earlier while REO closings as a percentage of existing home closings dropped to 14.7% from 16.4% a year earlier.