Closings of new homes fell year-over-year in May in the Johnson City, TN market, sliding after a growth in April 2016. New home closings moved from 11 a year earlier to 8 after the figure moved from 6 in April 2015 to 11 in April 2016.
A total of 111 new homes were sold during the 12 months that ended in May, down from 114 for the year that ended in April.
Last year, 11 of 291 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 367 total closings. Following a year-over-year increase in April, closings of new and existing homes also jumped year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes rose to $274,802 from last year's $254,029. This was on the heels of a 21.1% boost in April year-over-year.
Average mortgage size on new homes moved from $230,371 to $229,966. Average mortgage size on new homes went from $195,888 in April 2015 to $228,680 in April 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,983 square feet a year earlier to 2,299 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 12.0% of existing home closings, down from 16.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.5% in May from 6.4% a year earlier while REO closings as a percentage of existing home closings declined to 7.5% from 10.0% a year earlier.