Closings of new homes in the Johnson City, TN market declined year-over-year in September, dropping after a year-over-year increase in August 2015. New home closings moved from 9 a year earlier to 8 after the figure moved from 7 in August 2014 to 11 in August 2015.
A total of 113 new homes were sold during the 12 months that ended in September, down from 114 for the year that ended in August.
8 of the 302 total closings were new home closings, a shift on a percentage basis from 9 out of 250 a year earlier. Closings of new and existing homes increased year-over-year in September following a drop in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $259,534, an increase from $206,265 a year earlier. This came after a 37.5% bump in August year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $170,856 to $160,323. Average mortgage size on new homes went from $162,526 in August 2014 to $241,336 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes fell from 1,928 square feet a year earlier to 1,815 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in September from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, represented 25.2% of existing home closings, up from 22.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.2% in September from 15.8% a year earlier while REO closings as a percentage of existing home closings jumped to 17.0% from 7.1%.