Latest Numbers Indicate New Home Closings and Prices Decline in Knoxville
Posted on: Aug 08, 2014 11:30:03 AM
New home closings slid year-over-year in May in the Knoxville, TN market, and the decline was by a larger percentage than the April 2014. New home closings moved from 51 a year earlier to 12 after the figure moved from 41 in April 2013 to 19 in April 2014.
A total of 443 new homes were sold during the 12 months that ended in May, down from 482 for the year that ended in April.
On a percentage basis, new home closings as a part of total closings decreased to 1.5% from 4.3% a year earlier. Closings of new and existing homes sank year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $231,553, compared with $253,704 last year. This came after a 11.7% hike in April year-over-year.
The average mortgage size went down to $204,967 from $215,410 a year earlier. In April 2014, average mortgage size fell 3.6% from a year earlier.