New Home Sales and Prices Both Gain in Knoxville According to Recent Data
Posted on: Dec 06, 2013 07:24:33 AM
Closings of new homes in the Knoxville, TN market rose year-over-year in September, and the market showed suggestions of strengthening as the percentage rise turned out sharper than August 2013. New home closings saw a boost of more than twofold from the year earlier to 83. This followed a 38.2% jump year-over-year in August.
A total of 607 new homes were sold during the 12 months that ended in September, up from 556 for the year that ended in August.
Of 1,022 total closings, 83 were of new homes. This is better than the 3.8% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also jumped year-over-year in September.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes rose year-over-year to $254,712 in September, up 15.3% from last year. This hike is smaller than the 28.4% bump in August year-over-year.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. In September 2013, the average mortgage size was $226,470, up 13.1% from a year earlier. In August 2013, average mortgage size increased 21.0% from a year earlier.