New home closings gained year-over-year in June in the Morristown, TN market, but the increase was less than May 2016. New home closings moved from 2 a year earlier to 3 after the figure moved from 1 in May 2015 to 4 in May 2016.
New home closings were 3 out of the 223 total closings, a move on a percentage basis from 2 of 200 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 price of new homes was $138,800, an increase from $119,950 a year earlier. This came after a 12.4% bump in May year-over-year.
Average mortgage size on new homes increased to $153,145 from $138,320 last year. Average mortgage size on new homes went from $163,337 in May 2015 to $153,033 in May 2016.
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 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 21.4% of existing home closings, down from 22.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.6% in June from 9.1% a year earlier while REO closings as a percentage of existing home closings sank to 7.7% from 13.6% a year earlier.