Closings of new homes in the Morristown, TN market increased year-over-year in June, 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.
3 of the 223 total closings were new home closings, a shift on a percentage basis from 2 out of 200 a year earlier. For new and existing homes, closings grew year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $138,800, up from $119,950 a year earlier. This followed a 12.4% rise in May year-over-year.
The average mortgage size on new homes was $153,145, up from $138,320. 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 fall from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 21.4% of closings, below 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.