The Morristown, TN market saw a drop in new home closings year-over-year in August, falling after a rise in July 2015. New home closings moved from 3 a year earlier to 2 after the figure moved from 2 in July 2014 to 6 in July 2015.
2 of the 229 total closings were new home closings, a shift on a percentage basis from 3 out of 178 a year earlier. Closings of new and existing homes increased year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $102,750, down from last year's $106,000. This came after a 48.1% rise in July year-over-year.
Average mortgage size on new homes rose from $70,133 to $131,575. Average mortgage size on new homes went from $63,500 in July 2014 to $137,297 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to rise in August from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings represented 37.0% of existing home closings, up from 30.9% a year earlier. The percentage of existing home closings involving foreclosures went from 10.9% in August 2014 to 10.1% in August 2015 and REO closings as a percentage of existing home closings gained to 26.9% from 20.0%.