Knoxville, TN - Local Housing Data - Summary

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Knoxville, TN Local News

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.

 
 
 

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