Latest Figures Show New Home Sales Rise in Cleveland, Prices Decline
Posted on: Mar 06, 2014 07:08:42 AM
In the Cleveland, TN market in December, closings of new homes climbed year-over-year, but the increase was less than November 2013. New home closings moved from 8 a year earlier to 9 after the figure moved from 3 in November 2012 to 5 in November 2013.
New home closings represented 9 out of the 222 total closings, which is a smaller percentage than the 8 of 139 total closings a year earlier. Following a fall in November year-over-year, closings of new and existing homes climbed year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2013 was $120,434, down from last year's $132,161. This came after a 22.9% fall in November from a year earlier.
There was a decline in average mortgage size on new homes, going from $111,031 last year to $103,480 in December 2013. Average mortgage size on new homes went from $230,300 in November 2012 to $202,276 in November 2013.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2013.