Newest Figures Show New Home Sales and Prices Increase in Knoxville
Posted on: Apr 06, 2014 07:21:40 AM
There was a rise in closings of new homes in the Knoxville, TN market in January year-over-year, swinging up off a relatively small change in December from the year earlier. Closings increased 30.8% from a year earlier to 34. Closings remained the same in December from the year earlier.
A total of 655 new homes were sold during the 12 months that ended in January, up from 647 for the year that ended in December.
New home closings accounted for 5.8% of overall housing closings. This marks a rise from 4.1% of total closings a year earlier. After rising year-over-year in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $247,915 per unit in January, up 21.2%from a year earlier. This boost is an improvement over the 15.6% surge in December year-over-year.
There was a bump year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $229,145 in January, marking a 18.9% lift compared with a year earlier. Average mortgage size jumped 6.5% in December 2013 from a year earlier.