In the Morristown, TN market, new home closings rose year-over-year in July,. New home closings moved from 2 a year earlier to 6 after the figure moved from none in June 2014 to 1 in June 2015.
New home closings were 6 of the 252 total closings, up on a percentage basis from 2 of 232 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $116,800 last year to $172,998. This followed a set of periods with no new home closings in both June 2015 or June 2014.
The average mortgage size on new homes was $137,297, up from $63,500.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
Foreclosures and real estate owned (REO) closings continued to increase in July from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, represented 39.8% of existing home closings, up from 29.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.3% in July from 15.2% a year earlier while REO closings as a percentage of existing home closings gained to 30.5% from 13.9%.