The Morristown, TN market saw a rise in new home closings in September year-over-year, rebounding from a year-over-year decline in August 2015. New home closings moved from 3 a year earlier to 5 after the figure moved from 3 in August 2014 to 2 in August 2015.

New home closings were 5 out of the 185 total closings, a move on a percentage basis from 3 of 168 a year earlier. Closings of new and existing homes gained year-over-year in September after also rising in August year-over-year.

Pricing and Mortgage Trends

The average new home price was $142,220, down from $161,600 a year earlier. This followed a 3.1% decline in August from a year earlier.

Average mortgage size on new homes increased to $178,323 from $158,979 last year. Average mortgage size on new homes went from $70,133 in August 2014 to $131,575 in August 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 September 2015.

The average unit size of newly sold homes fell from 1,533 square feet a year earlier to 1,495 square feet.

Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for a quarter of existing home closings, below 30.3% a year earlier. The percentage of existing home closings involving foreclosures went from 15.8% in September 2014 to 15.6% in September 2015 and REO closings as a percentage of existing home closings fell to 9.4% from 14.5% a year earlier.

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