Cleveland, TN - Local Housing Data - Summary

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Cleveland, TN Local News

Latest Numbers Indicate New Home Closings and Prices Fall in Cleveland

Posted on: Jul 06, 2014 07:07:34 AM

Closings of new homes in the Cleveland, TN market declined year-over-year in April, dropping after staying level in March. Closings stood at 3 in April after being 6 a year earlier and remaining unchanged at 2 in March from a year earlier.

New home closings were 3 out of the 161 total closings, down on a percentage basis from 6 of 165 a year earlier. Closings of new and existing homes saw a decline year-over-year in April after remaining steady in March year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $129,633, compared with $183,276 last year. This followed a 12.4% drop in March from a year earlier.

Average mortgage size on new homes fell from $159,748 to $120,749. In March 2014, average mortgage size remained level from a year earlier at $157,950.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in April 2014.


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