The Morristown, TN market saw a rise in new home closings in December year-over-year, rebounding from a year-over-year decline in November 2015. New home closings moved from 1 a year earlier to 2 after the figure moved from 2 in November 2014 to 1 in November 2015.
2 of the 158 total closings were new home closings, a shift on a percentage basis from 1 out of 148 a year earlier. For new and existing homes, closings jumped year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $159,500, an increase from $102,000 a year earlier. This came after a 30.7% gain in November year-over-year.
Average mortgage size on new homes went from $76,500 a year earlier to $138,000. Average mortgage size on new homes went from $88,200 in November 2014 to $152,500 in November 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 December 2015.
The average unit size of newly sold homes rose from 1,096 square feet a year earlier to 1,750 square feet.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 25.6% of closings, below 31.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.1% in December from 17.0% a year earlier while REO closings as a percentage of existing home closings grew to 18.6% from 14.3%.