New home closings grew year-over-year in March in the Morristown, TN market,. Closings stood at 68 in March after being 8 a year earlier and remaining unchanged at 2 in February from a year earlier.

A total of 99 new homes were sold during the 12 months that ended in March, up from 39 for the year that ended in February.

New home closings were 68 of the 238 total closings, up on a percentage basis from 8 of 146 a year earlier. Following a year-over-year increase in February, closings of new and existing homes also rose year-over-year in March.

Pricing and Mortgage Trends

The average new home value went from $151,263 last year to $200,862. This came after a 86.4% drop in February from a year earlier.

Average mortgage size on new homes rose from $150,258 to $165,167.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.

The average unit size of newly sold homes rose from 1,479 square feet a year earlier to 1,580 square feet.

Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 28.8% of existing closings, lower than 31.2% a year earlier. The percentage of existing home closings involving foreclosures went from 16.7% in March 2015 to 17.1% in March 2016 and REO closings as a percentage of existing home closings sank to 11.8% from 14.5% a year earlier.

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