In the Johnson City, TN market in December, new home closings dropped year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 9 a year earlier to 5 after the figure moved from 6 in November 2014 to 3 in November 2015.
A total of 110 new homes were sold during the 12 months that ended in December, down from 114 for the year that ended in November.
Last year, 9 of 237 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 266 total closings. Closings of new and existing homes grew year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average new home value went from $229,039 last year to $308,675. This came after a 55.5% gain in November year-over-year.
From the year-ago figure of $196,953, the average mortgage size on new homes moved up to $220,096. Average mortgage size on new homes went from $203,813 in November 2014 to $507,500 in November 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 19.9% of closings, below 24.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.6% in December from 11.4% a year earlier while REO closings as a percentage of existing home closings fell to 10.3% from 13.2% a year earlier.