Prices of New Homes Increase in Knoxville, Sales Drop According to Latest Data
Posted on: Jul 06, 2014 07:18:45 AM
In the Knoxville, TN market in April, new home closings slid year-over-year, and there were signals the market may be worsening with a percentage decline steeper than that of March 2014. Closings sank 2.6% from a year earlier to 37. In comparison, new home closings in the same month last year saw a 2.2% drop year-over-year in March.
A total of 673 new homes were sold during the 12 months that ended in April, down from 674 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 5.0% of overall housing closings. They represented 4.0% of closings a year earlier. Closings of new and existing homes saw a fall year-over-year in April after remaining steady in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes climbed year-over-year to $299,148 per unit, a 32.5% gain. This gain is higher than the 10.4% surge in March year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. It climbed 2.8% in April from a year earlier to $214,358. Average mortgage size jumped 7.2% in March 2014 from a year earlier.