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.