New Home Prices Rise in Knoxville According to Recent Figures, Sales Drop
Posted on: Mar 06, 2014 07:21:46 AM
In the Knoxville, TN market in December, closings of new homes sank year-over-year, shifting downward off a surge in November 2013. New home closings saw a decline of 13.3% from the year earlier to 39. In comparison, new home closings in the same month last year saw a 69.0% jump year-over-year in November.
A total of 640 new homes were sold during the 12 months that ended in December, down from 646 for the year that ended in November.
Out of all housing closings, new home closings made up 5.1%. A year ago, new home closings represented 5.4%. Following a period of little movement in November from a year earlier, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 2.4% bump year-over-year in December to $234,517 per unit. This lift compares to a 10.2% drop in November from a year earlier.
Average mortgage size on new homes dropped year-over-year in contrast to new home prices. Average mortgage size slid by 1.4% from a year earlier, settling at $200,993 in December. In November 2013, average mortgage size dropped 6.2% from a year earlier.