In the Johnson City, TN market in April, new home closings jumped year-over-year,. Closings stood at 11 in April after being 6 a year earlier and remaining unchanged at 9 in March from a year earlier.
A total of 114 new homes were sold during the 12 months that ended in April, up from 109 for the year that ended in March.
New home closings were 11 out of 311 total closings, making up 3.5%. This is up on a percentage basis from 6 of 246 a year earlier. After dropping in March from a year earlier, closings of new and existing homes grew year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose to $240,993 from last year's $199,046. This followed a 18.9% decline in March from a year earlier.
The average mortgage size on new homes was $228,680, up from $195,888. Average mortgage size on new homes went from $188,600 in March 2015 to $163,010 in March 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,062 square feet a year earlier to 903 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 18.3% of existing home closings, down from 19.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.7% in April from 10.0% a year earlier while REO closings as a percentage of existing home closings jumped to 12.7% from 9.2%.