The Morristown, TN market saw a rise in new home closings in May year-over-year, rebounding from a year-over-year decline in April 2016. New home closings moved from 1 a year earlier to 2 after the figure moved from 2 in April 2015 to none in April 2016.
2 of the 188 total closings were new home closings, a shift on a percentage basis from 1 out of 169 a year earlier. Closings of new and existing homes gained year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average new home value went from $159,900 last year to $210,802. This came after a.
Average mortgage size on new homes rose from $163,337 to $176,402.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 18.8% of existing home closings, below 20.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.5% in May from 8.9% a year earlier and REO closings moved from 11.9% of existing home closings in May 2015 to 11.3% in May 2016.