In the Morristown, TN market, new home closings fell year-over-year in April, dropping after a year-over-year increase in March 2016. New home closings moved from 2 a year earlier to none after the figure moved from 9 in March 2015 to 68 in March 2016.
New home closings were 1.2% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 186 total closings. Closings of new and existing homes grew year-over-year in April after also rising in March year-over-year.
Other Market Trends
There were no new home closings in April 2016, but average size of newly sold homes was 1,426 a year earlier.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 25.8% of existing closings, lower than 28.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.1% in April from 16.1% a year earlier while REO closings as a percentage of existing home closings climbed to 17.7% from 12.4%.