There was an increase in closings of new homes in the Johnson City, TN market in January year-over-year, rebounding from a year-over-year decline in December 2015. New home closings moved from 5 a year earlier to 6 after the figure moved from 9 in December 2014 to 5 in December 2015.
A total of 111 new homes were sold during the 12 months that ended in January, up from 110 for the year that ended in December.
6 of the 224 total closings were new home closings, a shift on a percentage basis from 5 out of 199 a year earlier. Closings of new and existing homes grew year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $199,284, down from $215,940 a year earlier. This came after a 34.8% hike in December year-over-year.
There was a decline in average mortgage size on new homes, going from $195,178 last year to $140,463 in January 2016. Average mortgage size on new homes went from $196,953 in December 2014 to $220,096 in December 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 21.6% of existing home closings, down from 29.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.1% in January from 17.5% a year earlier and REO closings moved from 11.9% of existing home closings in January 2015 to 11.5% in January 2016.