In September, the Johnson City, TN market saw a decline year-over-year in new home closings, a decline following a rise in August 2015. New home closings moved from 9 a year earlier to 8 after the figure moved from 7 in August 2014 to 11 in August 2015.
A total of 113 new homes were sold during the 12 months that ended in September, down from 114 for the year that ended in August.
New home closings were 8 out of the 302 total closings, a move on a percentage basis from 9 of 250 a year earlier. Closings of new and existing homes increased year-over-year in September following a decline in August year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $259,534 from $206,265 a year ago. This followed a 37.5% bump in August year-over-year.
There was a decline in average mortgage size on new homes, going from $170,856 last year to $160,323 in September 2015. Average mortgage size on new homes went from $162,526 in August 2014 to $241,336 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 1,928 square feet a year earlier to 1,815 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in September from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings represented 25.2% of existing home closings, above 22.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.2% in September from 15.8% a year earlier while REO closings as a percentage of existing home closings jumped to 17.0% from 7.1%.