Closings of new homes in the Kingsport, TN market grew year-over-year in June, but the increase was less than May 2015. New home closings moved from 4 a year earlier to 11 after the figure moved from 1 in May 2014 to 6 in May 2015.

A total of 78 new homes were sold during the 12 months that ended in June, up from 71 for the year that ended in May.

New home closings were 11 out of 405 total closings, making up 2.7%. This is up on a percentage basis from 4 of 340 a year earlier. Following a year-over-year increase in May, closings of new and existing homes also climbed year-over-year in June.

Pricing and Mortgage Trends

The average per-unit price of new homes was $159,845, compared with $261,124 last year. This was on the heels of a 17.1% surge in May year-over-year.

Average mortgage size on newly sold homes saw a decline year-over-year from $234,583 to $156,439. Average mortgage size on new homes went from $229,491 in May 2014 to $253,573 in May 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 June 2015.

The average unit size of newly sold homes fell from 2,473 square feet a year earlier to 2,061 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 23.1% of existing closings, lower than 24.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.2% in June from 9.5% a year earlier while REO closings as a percentage of existing home closings dropped to 10.9% from 14.6% a year earlier.

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