New home closings fell year-over-year in December in the Kingsport, TN market, sliding after a growth in November 2015. New home closings moved from 9 a year earlier to 4 after the figure moved from 2 in November 2014 to 4 in November 2015.
A total of 79 new homes were sold during the 12 months that ended in December, down from 84 for the year that ended in November.
Last year, 9 of 289 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 315 total closings. Following a year-over-year increase in November, closings of new and existing homes also rose year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $189,500, compared with $242,564 last year. This was on the heels of a 47.2% surge in November year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $223,117 to $165,885. Average mortgage size on new homes went from $147,602 in November 2014 to $180,302 in November 2015.
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 fell from 1,206 square feet a year earlier to 1,020 square feet.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 26.0% of existing closings, lower than 33.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 15.1% in December from 16.4% a year earlier while REO closings as a percentage of existing home closings declined to 10.9% from 17.5% a year earlier.