Latest Numbers Show Prices of New Homes Gain in Cleveland, Sales Decline
Posted on: Apr 06, 2014 07:08:45 AM
New home closings fell year-over-year in January in the Cleveland, TN market, falling after a rise in December 2013. New home closings moved from 2 a year earlier to 1 after the figure moved from 8 in December 2012 to 9 in December 2013.
1 of the 95 total closings were new home closings, a shift on a percentage basis from 2 out of 137 a year earlier. Following a year-over-year rise in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $218,900, an increase from $116,450 a year earlier. This followed a 8.9% fall in December from a year earlier.
Average mortgage size on new homes increased to $148,000 from $110,182 last year. Average mortgage size on new homes went from $111,031 in December 2012 to $103,480 in December 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 January 2014.