In the Kingsport, TN market, closings of new homes fell year-over-year in October, dropping after a year-over-year increase in September 2015. New home closings moved from 4 a year earlier to 2 after the figure moved from 5 in September 2014 to 10 in September 2015.
A total of 81 new homes were sold during the 12 months that ended in October, down from 83 for the year that ended in September.
New home closings were 2 out of the 334 total closings, a move on a percentage basis from 4 of 325 a year earlier. Closings of new and existing homes grew year-over-year in October after also rising in September year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $309,200, an increase from $150,200 a year earlier. This came after a more than twofold gain in September year-over-year.
Average mortgage size on new homes rose from $138,246 to $277,903. Average mortgage size on new homes went from $155,574 in September 2014 to $204,087 in September 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 October 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 23.5% of closings, below 26.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.3% in October from 16.2% a year earlier and REO closings moved from 10.6% of existing home closings in October 2014 to 10.2% in October 2015.