In August, closings of new homes gained year-over-year in the Johnson City, TN market, but the increase was less than July 2015. New home closings moved from 7 a year earlier to 11 after the figure moved from 7 in July 2014 to 16 in July 2015.
A total of 114 new homes were sold during the 12 months that ended in August, up from 110 for the year that ended in July.
New home closings were 11 of the 315 total closings, up on a percentage basis from 7 of 324 a year earlier. Following a year-over-year increase in July, closings of new and existing homes slid year-over-year in August.
Pricing and Mortgage Trends
The average new home value went from $196,329 last year to $270,040. This came after a 18.9% lift in July year-over-year.
Average mortgage size on new homes rose from $162,526 to $241,336. Average mortgage size on new homes went from $171,417 in July 2014 to $212,958 in July 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,841 square feet a year earlier to 1,666 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 17.1% of closings, below 24.0% a year earlier. The percentage of existing home closings involving foreclosures went from 11.0% in August 2014 to 10.9% in August 2015 and REO closings as a percentage of existing home closings sank to 6.2% from 12.9% a year earlier.