In November, closings of new homes in the Kingsport, TN market climbed year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 2 a year earlier to 4 after the figure moved from 4 in October 2014 to 2 in October 2015.
A total of 83 new homes were sold during the 12 months that ended in November, up from 81 for the year that ended in October.
New home closings were 4 out of the 282 total closings, a move on a percentage basis from 2 of 253 a year earlier. Closings of new and existing homes jumped year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $232,835 from last year's $158,150. This followed a more than twofold rise in October year-over-year.
Average mortgage size on new homes increased to $180,302 from $147,602 last year. Average mortgage size on new homes went from $138,246 in October 2014 to $277,903 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings increased in November from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 23.7% of existing home closings, up from 19.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.9% in November from 8.8% a year earlier while REO closings as a percentage of existing home closings rose to 11.9% from 10.4%.