In the Morristown, TN market, closings of new homes dropped year-over-year in April, sliding after a growth 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 represented none out of the 186 total closings, which is a smaller percentage than the 2 of 163 total closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes also climbed year-over-year in April.
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 fell in April from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 25.8% of existing home closings, down from 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 increased to 17.7% from 12.4%.