Recent Figures Show New Home Prices Climb, Sales Decline in Knoxville
Posted on: May 06, 2013 07:19:04 AM
Closings of new homes fell year-over-year in February in the Knoxville, TN market, and the percentage fall was steeper than January 2013. New home closings saw a 39.2% decline from a year earlier to 31. This followed a 26.7% decline year-over-year in January.
A total of 517 new homes were sold during the 12 months that ended in February, down from 537 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 5.3%. This is less than the a year earlier when new home closings accounted for 6.8% of total closings. Following a year-over-year decline in January, closings of new and existing homes also sank year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes grew 12.4% year-over-year in February to $264,114 per unit. This is a swing north from the 11.4% decline in January from a year earlier.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In February 2013, the average mortgage size on newly sold homes saw a 6.2% rise from a year earlier. Average mortgage size declined 12.5% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed fell 5.0 percentage points year-over-year to 85.1% in February 2013.