Memphis, TN - Local Housing Data - Summary

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Memphis, TN, MS, AR

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Memphis, TN Local News

  • Memphis, TN - December 2013 - New Home Closings Decline Year-Over-Year in December After Rising Year-Over-Year in November

    New home sales fell year-over-year in Memphis, TN in December. Average prices of new and existing homes moved up, rising 7.2%. Mortgage amounts on new homes dropped 1.5%. Real Estate Owned (REO) closings as a percentage of existing home closings rose, climbing 1.6% percentage points. Foreclosures as...

  • STEM's roots

    Brookings Institution fellows Mark Muro, Kenan Fikri, and Scott Andes discuss why advanced industries should be a priority for economic development in states and regions, and they explore successful approaches to developing and maintaining this sector in Colorado and Tennessee.

  • Memphis, TN - November 2013 - New Home Closings Figures Signal Market Rise Strengthening

    New home sales rose in Memphis, TN in November. The percentage of new home closings belonging to single family homes rose, climbing 5.0% percentage points. Average prices of new and existing homes moved up, rising 20.4%. Mortgage amounts on new homes dropped 18.8%. Foreclosures as a percentage of...

Prices of New Homes Gain in Memphis, Sales Decline According to Freshest Data

Posted on: Apr 06, 2014 07:26:28 AM

In January, there was a drop year-over-year in new home closings in the Memphis, TN market, and the percentage drop, which was steeper than December 2013, gave suggestions of weakening market conditions. New home closings saw a 12.3% drop from a year earlier to 64. This was after the housing market saw a 3.3% decline year-over-year in December.

A total of 1,219 new homes were sold during the 12 months that ended in January, down from 1,228 for the year that ended in December.

New home closings represented 5.1% of overall housing closings. A year earlier, new home closings made up 4.8% of total closings. After rising year-over-year in December, closings of new and existing homes slid year-over-year in January.

Pricing and Mortgage Trends

In January, there was a 15.3% lift year-over-year in the average price of newly sold homes, reaching $269,184 per unit. This hike is better than the 4.2% boost in December year-over-year.

The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2014, the average mortgage size was $218,794, up 5.0% from a year earlier. In December 2013, average mortgage size sank 1.8% from a year earlier.

 
 
 

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